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Reform of the International Monetary System: Some Concrete Steps

Author

Listed:
  • Agnès Bénassy-Quéré
  • Jean Pisani-Ferry
  • Yu Yongding

Abstract

Reform of the international monetary system is under discussion after three decades of apathy. However, in the short term, there is little chance of a grand redesign of the international monetary system. Nevertheless, concrete steps should be taken. First, consensus is needed on exchange rates, capital flows and reserves. This consensus is closer than often assumed, and should be codified in some form of soft law, with provisions for surveillance agreed on. Second, financial safety nets must be improved so that countries do not have to self-insure by accumulating reserves. The least difficult route could be a new regime for deciding on Special Drawing Right allocations that would facilitate more frequent use of this instrument. Third, a change in the composition of the SDR should be planned for, to strengthen the multilateral framework by including the renminbi. These reforms would be a partial move, and would prepare the ground for further developments.

Suggested Citation

  • Agnès Bénassy-Quéré & Jean Pisani-Ferry & Yu Yongding, 2011. "Reform of the International Monetary System: Some Concrete Steps," La Lettre du CEPII, CEPII research center, issue 309.
    • Handle: RePEc:cii:cepill:2011-309
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    Cited by:

    1. Agnès Bénassy-Quéré & Yeganeh Forouheshfar, 2013. "The Impact of Yuan Internationalization on the Euro-Dollar Exchange Rate," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00961708, HAL.
    2. Agnès Bénassy-Quéré, 2015. "The euro as an international currency," Working Papers halshs-01144371, HAL.
    3. Mario Lamberte & Peter J. Morgan, 2012. "Regional and Global Monetary Cooperation," Finance Working Papers 23190, East Asian Bureau of Economic Research.
    4. Chitu, Liva & Eichengreen, Barry & Mehl, Arnaud, 2012. "When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets (revised)," Department of Economics, Working Paper Series qt3v03b36h, Department of Economics, Institute for Business and Economic Research, UC Berkeley.

    More about this item

    Keywords

    International Monetary System; G20; SDR;
    All these keywords.

    JEL classification:

    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General

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