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Another Bretton Woods Reform Moment: Let Us Look Seriously at the Clearing Union

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  • Jan Kregel

Abstract

This policy brief explores a route to remaking the international financial system that would avoid the contradictions inherent in some of the prevailing reform proposals currently under discussion. Senior Scholar Jan Kregel argues that the willingness of central banks to consider electronic currency provides an opening to reconsider a truly innovative reform of the international financial system, and one that is more appropriate to a digital monetary world: John Maynard Keynes's original clearing union proposal. Kregel investigates whether such a clearing system could be built up from an already-existing initiative that has emerged in the private sector. He analyzes the operations of a private, cross-border payment system that could serve as a real-world blueprint for a more politically palatable equivalent of Keynes's international clearing union.

Suggested Citation

  • Jan Kregel, 2021. "Another Bretton Woods Reform Moment: Let Us Look Seriously at the Clearing Union," Economics Public Policy Brief Archive ppb_154, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_154
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    References listed on IDEAS

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    1. Jan Kregel, 2021. "The Economic Problem: From Barter to Commodity Money to Electronic Money," Economics Working Paper Archive wp_982, Levy Economics Institute.
    2. Anonymous, 1953. "Economic Planning for the Peace. By E. F. Penrose. (Princeton: Princeton University Press. 1953. Pp. xiv, 384. $7.50.)," American Political Science Review, Cambridge University Press, vol. 47(3), pages 912-912, September.
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