Leading world bankers took stock of a year of financial turmoil as they gathered in Philadelphia last week for the International Monetary Conference.

Economic crises shook Russia and Brazil, hedge fund problems wreaked havoc, and war broke out in Kosovo. "We could not anticipate such major incidents, and it is my honest feeling that I am overwhelmed by the magnitude and speed of changes that have taken place," said Yoh Kurosawa, chairman of Industrial Bank of Japan and president of the IMC.

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