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G-20 Reforms of the International Monetary System: An Evaluation

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  • Edwin M. Truman

    () (Peterson Institute for International Economics)

Abstract

At the recent Cannes G-20 summit, the international monetary system (IMS) reform agenda, along with a number of other important issues, was hijacked by the European crisis. Nevertheless, the G-20 countries and various international institutions conducted an intensive process of review and discussion of the IMS via conferences, working groups, and reports. A year ago French President Sarkozy and other French government officials set the agenda for IMS reform to include five elements: surveillance of the global economy and financial system, the international lender-of-last-resort mechanisms (global financial safety nets), the management of global capital flows, reserve assets and reserve currencies, and IMS governance. Little progress was made on most of these topics. On surveillance there was only one surprise in the form of commitments by a few countries to allow their automatic stabilizers to operate in the current slowdown; on the lender-of-last-resort issues, there will only be marginal steps forward; and on the management of capital flows, the progress that has been achieved over the past several years has been loosely codified, which is a substantive achievement. Overall, the G-20 summit at Cannes resulted in some useful mutual education but not much in terms of concrete accomplishments.

Suggested Citation

  • Edwin M. Truman, 2011. "G-20 Reforms of the International Monetary System: An Evaluation," Policy Briefs PB11-19, Peterson Institute for International Economics.
  • Handle: RePEc:iie:pbrief:pb11-19
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    File URL: https://piie.com/publications/policy-briefs/g-20-reforms-international-monetary-system-evaluation
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    1. Haggard, Stephan & Noland, Marcus, 2009. "Famine in North Korea Redux?," Journal of Asian Economics, Elsevier, pages 384-395.
    2. Stephan Haggard & Marcus Noland, 2007. "North Korea's External Economic Relations," Working Paper Series WP07-7, Peterson Institute for International Economics.
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    Cited by:

    1. Stracca, Livio & Lo Duca, Marco, 2014. "The effect of G20 summits on global financial markets," Working Paper Series 1668, European Central Bank.
    2. Cheng, Gong, 2015. "The Global Financial Safety Net through the Prism of G20 Summits," MPRA Paper 68070, University Library of Munich, Germany, revised Nov 2015.
    3. Sharma Shalendra D., 2014. "The Global Economic Imbalances: The Dangers of Not Rebalancing," New Global Studies, De Gruyter, vol. 8(2), pages 1-24, July.
    4. Lo Duca, Marco & Stracca, Livio, 2015. "Worth the hype? The effect of G20 summits on global financial markets," Journal of International Money and Finance, Elsevier, vol. 53(C), pages 192-217.

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