Angeloni, Ignazio and Bénassy-Quéré, Agnès and Carton, Benjamin and Destais, Christophe and Darvas, Zsolt and Pisani-Ferry, Jean and Sapir, André and Vallée., Shahin (2011) Global currencies for tomorrow: a European perspective. Bruegel Blueprint 13, 2 August 2011. [Policy Paper]
This report examines how the international monetary system (IMS) might evolve and the implications of different scenarios for the euro area over the next fifteen years. After the collapse of the Bretton Woods system forty years ago, the IMS gradually developed into its present state, a hybrid mix of exchange-rate flexibility, capital mobility and monetary independence. The US dollar retains a dominant, but not exclusive, role and the IMS governance system blends regional and multilateral surveillance. It combines IMF-based and ad-hoc liquidity provision. Although it has proved resilient during the crisis, partly thanks to ad-hoc arrangements, the IMS has serious flaws, which are likely to be magnified by the rapid transformation of the global economy and the increasing economic power of emerging economies.
|Social Networking:|| |
Actions (login required)