Munich Personal RePEc Archive

The New IMS Architecture and the Spirit of the Bretton Woods

Rossi, Giovanni (2005): The New IMS Architecture and the Spirit of the Bretton Woods. Published in: European Political Economy Review , Vol. 4, No. Spring 2005 (2005): pp. 182-195.

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Globalization is producing in-depth changes in international monetary and financial relations. A new International Monetary System is emerging, which is strongly integrated on a global scale and dominated by private financial markets. In other words, as a consequence of this globalization process, the spirit of Bretton Woods has been forsaken. In this new IMS, emerging markets have become liberalization of capital account processes that have been hit by banking and monetary crises. Is this new instability era irreversible? Is it possible to go back to the Bretton Woods agreements, but to the spirit of Bretton Woods? What is the right way to move to it? Why is this trail so steep? This paper advances some propositions about the kind of institutional framework that can be used to stabilize the monetary and financial system. In the light of the recurrent monetary crises, the limits of the new architecture proposed by the IMF are stressed. We suggest another answer based on the rules of the world

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