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Reform of the International Monetary System
Press Releases, Chatham House, 18 March 2010
Reform of the international monetary system has never been more urgent, says this new report.
Beyond the Dollar: Rethinking the International Monetary System maps out proposals for a new international monetary order and look at ways in which monetary authorities and political leaders can help prepare the ground for a new system and facilitate the transition.
The report features contributions by prominent experts and practitioners, including Dr DeAnne Julius, former member of the Monetary Policy Committee of the Bank of England, and Jim O' Neill, Head of Global Economics, Goldman Sachs and creator of the acronym BRICs.
In his chapter, 'A Twenty-First Century International Monetary System', Jim O' Neill says:
'Within 20 years, the combined size of the so-called BRIC economies will possibly equal those of the United States and European Union together. What kind of international monetary system will be necessary for such a world, and can we start to devise one today for such an eventuality?'
While the theme of reform may not be new, the authors conclude that the need has never been more urgent.
Key recommendations include:
* A multicurrency reserve system for a multipolar world economy
* Develop a multicurrency reserve system that is appropriate for a world of regional trading blocs - Europe, Asia, the Americas - alongside a still pre-eminent dollar.
* Encourage a more extensive use of Special Drawing Rights as a supranational currency alongside international reserve currencies that are issued by sovereign states.
* Promote dialogue and policy coordination to provide stability, confidence and balanced adjustment
* Encourage international dialogue between countries issuing a reference currency and individual or groups of countries using the reference currency.
* Strengthen the role and legitimacy of international institutions
* The surveillance role of the International Monetary Fund (IMF) can be reinforced to address more effectively the problem of exchange rates and payments disequilibrium.
* Steps must be taken to safeguard the system against over-reliance on a weakened dollar, including expansion of the Special Drawing Rights.
* The shape of the international monetary system for the 21st century will be significantly influenced by the interests and the requirements of the emerging powers
* The dollar-based monetary system is no longer adequate for a larger and more integrated world economy. Prominent developing economies are increasingly demanding to be included in any multilateral dialogue that aims to shape the new economic order.
Notes to Editors
Read Beyond the Dollar: Rethinking the International Monetary System - Executive Summary
The report is edited by Dr Paola Subacchi and John Driffill, with contributions from Paul Collier, Dr DeAnne Julius, Jim O'Neill and others.
Press Office:
Nicola Norton: +44 (0)20 7957 5739; +44 (0)7917 757 528
Sara Karnas: +44 (0)20 7314 2787; +44 (0)7958 669 785
pressoffice@chathamhouse.org.uk
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