International monetary systems 1

International monetary systemsInternational monetary systems are sets of internationally agreed rules, conventions and supporting institutionsthat facilitate international trade, cross border investment and generally the reallocation of capital between nationstates. They provide means of payment acceptable between buyers and sellers of different nationality, includingdeferred payment. To operate successfully, they need to inspire confidence, to provide sufficient liquidity forfluctuating levels of trade and to provide means by which global imbalances can be corrected. The systems can groworganically as the collective result of numerous individual agreements between international economic actors spreadover several decades. Alternatively, they can arise from a single architectural vision as happened at Bretton Woodsin 1944.

Currency trading with floating exchange rates atthe Foreign exchange market is a key part of the

post 1971 financial system.

Historical overview

Christ drives the Usurers out of the Temple, awoodcut by Lucas Cranach the Elder

Throughout history, precious metals such as gold and silver have beenused for trade, termed bullion, and since early history the coins ofvarious issuers – generally kingdoms and empires – have been traded.The earliest known records of pre - coinage use of bullion for monetaryexchange are from Mesopotamia and Egypt, dating from the thirdmillennium BC.[1] Its believed that at this time money played arelatively minor role in the ordering of economic life for these regions,compared to barter and centralised redistribution - a process where thepopulation surrendered their produce to ruling authorities who thenredistrubted it as they saw fit. Coinage is believed to have firstdeveloped in China in the late 7th century, and independently at aroundthe same time in Lydia, Asia minor, from where its use spread tonearby Greek cities and later to the rest of the world.[1]

Sometimes formal monetary systems have been imposed by regionalrules. For example scholars have tentatively suggested that the rulerServius Tullius created a primitive monetary system in the archaicperiod of what was to become the Roman Republic. Tullius reigned in the sixth century BC - several centuries beforeRome is believed to have developed a formal coinage system.[2]

As with bullion, early use of coinage is believed to have been generally the preserve of the elite. But by about the 4th century they were widely used in Greek cities. Coins were generally supported by the city state authorities, who endeavoured to ensure they retained their values regardless of fluctuations in the availability of whatever base precious metals they were made from.[1] From Greece the use of coins spread slowly westwards throughout Europe, and eastwards to India. Coins were in use in India from about 400BC, initially they played a greater role in religion than trade, but by the 2nd century had become central to commercial transactions. Monetary systems developed in

International monetary systems 2

India were so successful they continued to spread through parts of Asia well into the Middle Ages.[1]

As multiple coins became common within a region, they have been exchanged by moneychangers, which are thepredecessors of today's foreign exchange market. These are famously discussed in the Biblical story of Jesus and themoney changers. In Venice and the Italian city states of the early Middle Ages, money changes would often have tostruggle to perform calculations involving six or more currencies. This partly led to Fibonacci writing his LiberAbaci where he popularised the use of Arabic numerals which displaced the more difficult roman numerals then inuse by western merchants.[3]

Historic international currencies. From top left:crystalline gold, a 5th century BCE Persian daric,

an 8th century English mancus, and an 18thcentury Spanish real.

When a given nation or empire has achieved regional hegemony, itscurrency has been a basis for international trade, and hence for a defacto monetary system. In the West – Europe and the Middle East – anearly such coin was the Persian daric, of the Persian empire. This wassucceeded by Roman currency of the Roman empire, such as thedenarius, then the Gold Dinar of the Muslim empire, and later – fromthe 16th to 20th centuries, during the Age of Imperialism – by thecurrency of European colonial powers: the Spanish dollar, the DutchGilder, the French Franc and the British Pound Sterling; at times onecurrency has been pre-eminent, at times no one dominated. With thegrowth of American power, the US Dollar became the basis for theinternational monetary system, formalized in the Bretton Woodsagreement that established the post–World War II monetary order,with fixed exchange rates of currencies to the dollar, and convertibilityof the dollar into gold. Since the breakdown of the Bretton Woodssystem, culminating in the Nixon shock of 1971, ending convertibility,

the US dollar has remained the de facto basis of the world monetary system, though no longer de jure, with variousEuropean currencies and the Japanese Yen being used. Since the formation of the Euro, the Euro has gained use as areserve currency and a unit of transactions, though the dollar has remained the primary currency.

A dominant currency may be used directly or indirectly by other nations – for example, English kings minted goldmancus, presumably to function as dinars to exchange with Islamic Spain, and more recently, a number of nationshave used the US dollar as their local currency, a custom called dollarization.

Until the 19th century, the global monetary system was loosely linked at best, with Europe, the Americas, India andChina (among others) having largely separate economies, and hence monetary systems were regional. Europeancolonization of the Americas, starting with the Spanish empire, led to the integration of American and Europeaneconomies and monetary systems, and European colonization of Asia led to the dominance of European currencies,notably the British pound sterling in the 19th century, succeeded by the US dollar in the 20th century. Some, such asMichael Hudson, foresee the decline of a single basis for the global monetary system, and instead the emergence ofregional trade blocs, citing the emergence of the Euro as an example of this phenomenon. See also Global financialsystems , world-systems approach and polarity in international relations. It was in the later half of the 19th centurythat a monetary system with close to universal global participation emerged, based on the gold standard.

International monetary systems 3

History of modern global monetary orders

The pre WWI financial order: 1870–1914

The gold standard widely adopted in this erarested on the conversion of paper notes into

pre-set quantities of gold.

From the 1870s to the outbreak of World War I in 1914, the worldbenefited from a well integrated financial order, sometimes known asthe First age of Globalisation.[4] [5] Money unions were operatingwhich effectively allowed members to accept each others currency aslegal tender including the Latin Monetary Union (Belgium, Italy,Switzerland, France) and Scandinavian monetary union (Denmark,Norway and Sweden). In the absence of shared membership of a union,transactions were facilitated by widespread participation in the goldstandard, by both independent nations and their colonies. Great Britainwas at the time the world's pre-eminent financial, imperial, andindustrial power, ruling more of the world and exporting more capitalas a percentage of her national income than any other creditor nationhas since.[6]

While capital controls comparable to the Bretton Woods System were not in place, damaging capital flows were farless common than they were to be in the post 1971 era. In fact Great Britain's capital exports helped to correct globalimbalances as they tended to be counter cyclical, rising when Britain's economy went into recession, thuscompensating other states for income lost from export of goods.[7] Accordingly, this era saw mostly steady growthand a relatively low level of financial crises. In contrast to the Bretton Woods system, the pre–World War I financialorder was not created at a single high level conference; rather it evolved organically in a series of discrete steps. TheGilded Age, a time of especially rapid development in North America, falls into this period.

Between the World Wars: 1919–1939

This era saw periods of world wide economichardship. The image is Dorothea Lange's Migrant

Mother depiction of destitute pea-pickers inCalifornia, taken in March 1936.

The years between the world wars have been described as a period ofde-globalisation, as both international trade and capital flows shrankcompared to the period before World War I. During World War Icountries had abandoned the gold standard and, except for the UnitedStates, returned to it only briefly. By the early 30's the prevailing orderwas essentially a fragmented system of floating exchange rates .[8] Inthis era, the experience of Great Britain and others was that the goldstandard ran counter to the need to retain domestic policy autonomy.To protect their reserves of gold countries would sometimes need toraise interest rates and generally follow a deflationary policy. Thegreatest need for this could arise in a downturn, just when leaderswould have preferred to lower rates to encourage growth. EconomistNicholas Davenport [9] had even argued that the wish to return Britainto the gold standard, "sprang from a sadistic desire by the Bankers toinflict pain on the British working class."

By the end of World War I, Great Britain was heavily indebted to theUnited States, allowing the USA to largely displace her as the worldsnumber one financial power. The United States however was reluctant

International monetary systems 4

to assume Great Britain's leadership role, partly due to isolationist influences and a focus on domestic concerns. Incontrast to Great Britain in the previous era, capital exports from the US were not counter cyclical. They expandedrapidly with the United States's economic growth in the twenties up to 1928, but then almost completely halted as theUS economy began slowing in that year. As the Great Depression intensified in 1930, financial institutions were hithard along with trade; in 1930 alone 1345 US banks collapsed. [10] During the 1930s the United States raised tradebarriers, refused to act as an international lender of last resort, and refused calls to cancel war debts, all of whichfurther aggravated economic hardship for other countries. According to economist John Maynard Keynes anotherfactor contributing to the turbulent economic performance of this era was the insistence of French premierClemenceau that Germany pay war reparations at too high a level, which Keynes described in his book TheEconomic Consequences of the Peace.

The Bretton Woods Era: 1945–1971

Harry Dexter White (left) and John Maynard Keynes (right) atBretton Woods

British and American policy makers began to plan thepost war international monetary system in the early1940s. The objective was to create an order thatcombined the benefits of an integrated and relativelyliberal international system with the freedom forgovernments to pursue domestic policies aimed atpromoting full employment and social wellbeing.[11]

The principal architects of the new system, JohnMaynard Keynes and Harry Dexter White, created aplan which was endorsed by the 42 countries attendingthe 1944 Bretton Woods conference. The plan involvednations agreeing to a system of fixed but adjustableexchange rates where the currencies were peggedagainst the dollar, with the dollar itself convertible intogold. So in effect this was a gold – dollar exchangestandard. There were a number of improvements on theold gold standard. Two international institutions, theInternational Monetary Fund (IMF) and the WorldBank were created; A key part of their function was toreplace private finance as more reliable source oflending for investment projects in developing states. Atthe time the soon to be defeated powers of Germanyand Japan were envisaged as states soon to be in need of such development, and there was a desire from both the USand Britain not to see the defeated powers saddled with punitive sanctions that would inflict lasting pain on futuregenerations. The new exchange rate system allowed countries facing economic hardship to devalue their currenciesby up to 10% against the dollar (more if approved by the IMF) – thus they would not be forced to undergo deflationto stay in the gold standard. A system of capital controls was introduced to protect countries from the damagingeffects of capital flight and to allow countries to pursue independent macro economic policies [12] while stillwelcoming flows intended for productive investment. Keynes had argued against the dollar having such a centralrole in the monetary system, and suggested an international currency called Bancor be used instead, but he wasoverruled by the Americans. Towards the end of the Bretton Woods era, the central role of the dollar became aproblem as international demand eventually forced the US to run a persistent trade deficit, which underminedconfidence in the dollar. This, together with the emergence of a parallel market for gold where the price soared

International monetary systems 5

above the official US mandated price, led to speculators running down the US gold reserves. Even whenconvertibility was restricted to nations only, some, notably France,[13] continued building up hoards of gold at theexpense of the US. Eventually these pressures caused President Nixon to end all convertibility into gold on 15August 1971. This event marked the effective end of the Bretton Woods systems; attempts were made to find othermechanisms to preserve the fixed exchange rates over the next few years, but they were not successful, resulting in asystem of floating exchange rates.[13]

The post Bretton Woods system: 1971 – present

The New York Stock Exchange. The current erahas seen huge and turbulent flows of capital

between nations.

An alternative name for the post Bretton Woods system is theWashington Consensus. While the name was coined in 1989, theassociated economic system came into effect years earlier: according toeconomic historian Lord Skidelsky the Washington Consensus isgenerally seen as spanning 1980–2009 (the latter half of the 1970sbeing a transitional period).[14] The transition away from BrettonWoods was marked by a switch from a state led to a market ledsystem.[4] The Bretton Wood system is considered by economichistorians to have broken down in the 1970s:[14] crucial events beingNixon suspending the dollar's convertibility into gold in 1971, theUnited states abandonment of Capital Controls in 1974, and GreatBritain's ending of capital controls in 1979 which was swiftly copiedby most other major economies.

In some parts of the developing world, liberalisation broughtsignificant benefits for large sections of the population – mostprominently with Deng Xiaoping's reforms in China since 1978 and the

liberalisation of India after her 1991 crisis.

Generally the industrial nations experienced much slower growth and higher unemployment than in the previous era,and according to Professor Gordon Fletcher in retrospect the 1950s and 60s when the Bretton Woods system wasoperating came to be seen as a golden age. [15] Financial crises have been more intense and have increased infrequency by about 300% – with the damaging effects prior to 2008 being chiefly felt in the emerging economies.On the positive side, at least until 2008 investors have frequently achieved very high rates of return, with salaries andbonuses in the financial sector reaching record levels.

The "Revived Bretton Woods system" identified in 2003

From 2003, economists such as Michael P. Dooley, Peter M. Garber, and David Folkerts-Landau began writingpapers[16] describing the emergence of a new international system involving an interdependency between states withgenerally high savings in Asia lending and exporting to western states with generally high spending. Similar to theoriginal Bretton Woods, this included Asian currencies being pegged to the dollar, though this time by the unilateralintervention of Asian governments in the currency market to stop their currencies appreciating. The developingworld as a whole stopped running current account deficits in 1999 [17] – widely seen as a response to unsympathetictreatment following the 1997 Asian Financial Crisis. The most striking example of east-west interdependency is therelationship between China and America, which Niall Ferguson calls Chimerica. From 2004, Dooley et al. beganusing the term Bretton Woods II to describe this de facto state of affairs, and continue to do so as late as 2009.[18]

Others have described this supposed "Bretton Woods II", sometimes called "New Bretton Woods",[19] as a "fiction",and called for the elimination of the structural imbalances that underlie it, viz, the chronic US current accountdeficit.[20]

International monetary systems 6

However since at least 2007 those authors have also used the term "Bretton Woods II" to call for a new de juresystem: for key international financial institutions like the IMF and World Bank to be revamped to meet the demandsof the current age,[21] and between 2008 to mid 2009 the terms Bretton Woods II and New Bretton Woods wasincreasingly used in the latter sense. By late 2009, with less emphases on structural reform to the internationalmonetary system and more attention being paid to issues such as re-balancing the world economy, Bretton Woods IIis again frequently used to refer to the practice some countries have of unilaterally pegging their currencies to thedollar.

Calls for a "New Bretton Woods"

G-20 leaders at Summit on Financial Markets and the WorldEconomy.

Leading financial journalist Martin Wolf has reportedthat all financial crises since 1971 have been precededby large capital inflows into affected regions. Whileever since the seventies there have been numerous callsfrom the global justice movement for a revampedinternational system to tackle the problem of unfetteredcapital flows, it wasn't until late 2008 that this ideabegan to receive substantial support from leadingpoliticians. On September 26, 2008, French PresidentNicolas Sarkozy, then also the President of theEuropean Union, said, "We must rethink the financialsystem from scratch, as at Bretton Woods."[22]

On October 13, 2008, British Prime Minister Gordon Brown [23] said world leaders must meet to agree to a neweconomic system:

“We must have a new Bretton Woods, building a new international financial architecture for the years ahead.”However, Brown's approach was quite different to the original Bretton Woods system, emphasising the continuationof globalization and free trade as opposed to a return to fixed exchange rates.[24] There were tensions between Brownand Sarkozy, who argued that the "Anglo-Saxon" model of unrestrained markets had failed.[25] However Europeanleaders were united in calling for a "Bretton Woods II" summit to redesign the world's financial architecture.[26]

President Bush was agreeable to the calls, and the resulting meeting was the 2008 G-20 Washington summit.International agreement was achieved for the common adoption of Keynesian fiscal stimulus [27] , an area where theUS and China were to emerge as the worlds leading actors.[28] Yet there was no substantial progress towardsreforming the international financial system, and nor was there at the 2009 meeting of the World Economic Forum atDavos [29]

Despite this lack of results leaders continued to campaign for Bretton Woods II. Italian Economics Minister GiulioTremonti said that Italy would use its 2009 G7 chairmanship to push for a "New Bretton Woods." He had beencritical of the U.S.'s response to the global financial crisis of 2008, and had suggested that the dollar may besuperseded as the base currency of the Bretton Woods system.[30] [31] [32]

Choike, a portal organisation representing southern hemisphere NGOs, called for the establishment of "internationalpermanent and binding mechanisms of control over capital flows" and as of March 2009 had achieved over 550signatories from civil society organisations. [33]

March 2009 saw Gordon Brown continuing to advocate for reform and the granting of extended powers to international financial institutions like the IMF at the April G20 summit in London, [34] and was said to have president Obama's support .[35] Also during March 2009, in a speech entitled Reform the International Monetary

International monetary systems 7

System, Zhou Xiaochuan, the governor of the People's Bank of China came out in favour of Keynes's idea of acentrally managed global reserve currency. Dr Zhou argued that it was unfortunate that part of the reason for theBretton Woods system breaking down was the failure to adopt Keynes's Bancor. Dr Zhou said that nationalcurrencies were unsuitable for use as global reserve currencies as a result of the Triffin dilemma - the difficulty facedby reserve currency issuers in trying to simultaneously achieve their domestic monetary policy goals and meet othercountries' demand for reserve currency. Dr Zhou proposed a gradual move towards increased used of IMF SpecialDrawing Rights (SDRs) as a centrally managed global reserve currency [36] [37] His proposal attracted muchinternational attention.[38] In a November 2009 article published in Foreign Affairs magazine, economist C. FredBergsten argued that Dr Zhou's suggestion or a similar change to the international monetary system would be in theUnited States' best interests as well as the rest of the world's.[39]

Leaders meeting in April at the 2009 G-20 London summit agreed to allow $250 Billion of SDRs to be created bythe IMF, to be distributed to all IMF members according to each countries voting rights. In the aftermath of thesummit, Gordon Brown declared "the Washington Consensus is over".[40] However in a book published duringSeptember 2009, Professor Robert Skidelsky, an international expert on Keynesianism, argued it was still too earlyto say whether a new international monetary system was emerging.[14]

On Jan 27, in his opening address to the 2010 World Economic Forum in Davos, President Sarkozy repeated his callfor a new Bretton Woods, and was met by wild applause by a sizeable proportion of the audience.[41]

References[1] Jonathan Williams with Joe Cribb and Elizabeth Errington, ed (1997). Money a History. British Museum Press. pp. 16–27 , 111 ,127 , 131 ,

136 , 136 ,. ISBN 0 7141 0885 5.[2] Raaflaub, Kurt (2005). Social Struggles in Archaic Rome. WileyBlackwell. pp. 59–60. ISBN 1405100613.[3] "The Ascent of Money , episode 1" (http:/ / www. pbs. org/ wnet/ ascentofmoney/ ). PBS. .[4] Ravenhill, John (2005). Global Political Economy. Oxford University Press. pp. 7, 328.[5] Occaisionally also called the golden age of capitalism in older sources, and also the first golden age of capitalism in later sources that

recognise golden age that spanned approx 1951 - 73. A few economists such as Barry Eichengreen date the first age of globalisation asstarting in the early 1860s with the laying of the first transatlantic cables between Great Britain and the USA.

[6] Harold James. The End of Globalization (http:/ / books. google. co. uk/ books?id=SnXDHXz-DPQC& dq=The+ end+ of+ globalization:+lessons+ from+ the+ great+ depression& printsec=frontcover& source=bn& hl=en& ei=ANm8SZChN9TIjAeEj5WTCA& sa=X&oi=book_result& resnum=4& ct=result#PPA12,M1). Harvard University Press / google books. p. page 12. . Retrieved 2009-03-17.

[7] Helleiner, Eirc (2005). "chpt. 6". In John Ravenhill. Global Political Economy. Oxford University Press. p. p154.[8] Helleiner, Eirc (2005). "6". In John Ravenhill. Global Political Economy. Oxford University Press. pp. p156.[9] Skidelsky, Robert (2003). "22". John Maynard Keynes: 1883-1946: Economist,Philosopher, Statesman. McMillan. p. p346.[10] Stephen J. Lee. Aspects of European history, 1789-1980 (http:/ / books. google. co. uk/ books?id=qpIJuv5n3p0C& dq=Aspects+ of+

European+ history,+ 1789-1980& printsec=frontcover& source=bl& ots=usU_4oC0Gs& sig=qOMQmkIb-vLVrONfMW6b9A3I3zE&hl=en& ei=Ley8SbFKjMiMB_T35aMI& sa=X& oi=book_result& resnum=3& ct=result). Routledge / Google books. p. page 135. . Retrieved2009-03-17.

[11] Helleiner, Eirc (1996). "2: Bretton Woods and the Endorsement of Capital Controls". States and the reemergence of global finance. CornellUniversity Press.

[12] According to Keynes: "In my view the whole management of the domestic economy depends on being free to have the appropriate rate ofinterest without reference to rates prevailing elsewhere in the world. Capital control is a corollary to this"

[13] Laurence Copeland. Exchange Rates and International Finance (4th ed.). Prentice Hall. pp. 10–35. ISBN 0273-683063.[14] Robert Skidelsky (2009). Keynes: The return of the Master. Allen Lane. pp. 116–126. ISBN 9781846142581.[15] Fletcher, Gordon (1989). "Introduction". The Keynesian Revolution and Its Critics: Issues of Theory and Policy for the Monetary Production

Economy. Palgrave MacMillan. pp. page xx.[16] Michael P. Dooley, David Folkerts-Landau, Peter Garber (September 2003). "An Essay on the Revived Bretton Woods System" (http:/ /

www. nber. org/ papers/ w9971). National Bureau of Economic Research. .[17] Wolf, Martin (2009). "3". Fixing Global Finance. Yale University Press. pp. 39.[18] Michael P. Dooley, David Folkerts-Landau, Peter Garber (February 2009). "Bretton Woods II Still Defines the International Monetary

System" (http:/ / ideas. repec. org/ p/ nbr/ nberwo/ 14731. html). National Bureau of Economic Research. .[19] *Robert Brenner, "What is Good for Goldman Sachs is Good for America The Origins of the Present Crisis" (October 2, 2009). Center for

Social Theory and Comparative History. Paper 2009-1. (http:/ / repositories. cdlib. org/ cstch/ 2009-1), p 14f.

International monetary systems 8

[20] Renegade Economics: The Bretton Woods II Fiction (http:/ / www. pimco. com/ LeftNav/ Viewpoints/ 2007/ Renegade+ Economics. htm),by Chris P. Dialynas and Marshall Auerback, PIMCO

[21] Michael P. Dooley, David Folkerts-Landau, Peter Garber (June 2007). "The Two Crises of International Economics" (http:/ / ideas. repec.org/ p/ nbr/ nberwo/ 13197. html). National Bureau of Economic Research. .

[22] George Parker, Tony Barber and Daniel Dombey (October 9, 2008). "Senior figures call for new Bretton Woods ahead of Bank/Fundmeetings" (http:/ / www. eurodad. org/ whatsnew/ articles. aspx?id=2988). .

[23] Agence France-Presse (AFP) (October 13, 2008). "World needs new Bretton Woods, says Brown" (http:/ / afp. google. com/ article/ALeqM5iqbjATskwxNr2tyDViM7bbz8J_rg). .

[24] Gordon Brown (October 13, 2008). "PM's Speech on the Global Economy" (http:/ / www. egovmonitor. com/ node/ 21484). eGov monitor. .[25] James Kirkup, Bruno Waterfield (2008-10-17). "Gordon Brown's Bretton Woods summit call risks spat with Nicholas Sarkozy" (http:/ /

www. telegraph. co. uk/ news/ worldnews/ europe/ france/ 3205033/Gordon-Browns-Bretton-Woods-summit-call-risks-spat-with-Nicholas-Sarkozy. html). London: The Daily Telegraph. . Retrieved 2008-11-16.

[26] "European call for 'Bretton Woods II'" (http:/ / www. ft. com/ cms/ s/ 0/ 7cc16b54-9b19-11dd-a653-000077b07658. html). Financial Times.2008-10-16. . Retrieved 2009-03-17.

[27] Chris Giles in London, Ralph Atkins in Frankfurt and,Krishna Guha in Washington. "The undeniable shift to Keynes" (http:/ / www. ft.com/ cms/ s/ 0/ c4cf37f4-d611-11dd-a9cc-000077b07658. html). The Financial Times. . Retrieved 2009-01-23.

[28] "US and China display united economic stance" (http:/ / www. ft. com/ cms/ s/ 0/ 63165076-7bcd-11de-9772-00144feabdc0. htm). FinancialTimes. 2009-07-29. . Retrieved 2009-08-05.

[29] Martin Wolf. "Why Davos Man is waiting for Obama to save him" (http:/ / www. ft. com/ cms/ s/ 4a44f222-f221-11dd-9678-0000779fd2ac.html). The Financial Times. . Retrieved 2008-02-12.

[30] "Italy queries dollar's role in Bretton Woods reform" (http:/ / www. reuters. com/ article/ euMergersNews/ idUSLG34287520081016).Reuters. 2008-10-16. . Retrieved 2008-11-16.

[31] Parmy Olson and Miriam Marcus (2008-10-16). "Bringing The Banking Mess To Broadway" (http:/ / www. forbes. com/ home/ 2008/ 10/16/ europe-summit-investors-update-markets-equity-cx_po_mlm_1016markets39. html). Forbes. . Retrieved 2008-11-16.

[32] Guy Dinmore (2008-10-08). "Giulio Tremonti: A critic demands a new Bretton Woods" (http:/ / us. ft. com/ ftgateway/ superpage.ft?news_id=fto100920081302015280). Financial Times. . Retrieved 2008-11-16.

[33] various - including Action Aid, War on Want, World Council of Churches. "Let’s put finance in its place!" (http:/ / www. choike. org/campaigns/ camp. php?5). Choike. . Retrieved 2009-03-18.

[34] Edmund Conway (2009-01-30). "Gordon Brown warns of void left by collapse of global financial system" (http:/ / www. telegraph. co. uk/finance/ financetopics/ davos/ 4398124/ Gordon-Brown-warns-of-void-left-by-collapse-of-global-financial-system. html). London: The DailyTelegraph. . Retrieved 2009-03-17.

[35] George Parker and Andrew Ward in Washington (2009-03-04). "Brown wins Obama's support for a shake-up of global regulation" (http:/ /www. ft. com/ cms/ s/ 0/ 83bf93e0-085b-11de-8a33-0000779fd2ac. html). Financial Times. . Retrieved 2009-03-17.

[36] Jamil Anderlini in Beijing (2009-03-23). "China calls for new reserve currency" (http:/ / www. ft. com/ cms/ s/ 0/7851925a-17a2-11de-8c9d-0000779fd2ac. html). Financial Times. . Retrieved 2009-04-13.

[37] Zhou Xiaochuan (2009-03-23). "Reform the International Monetary System" (http:/ / www. pbc. gov. cn/ english/ detail. asp?col=6500&id=178). People's Bank of China. . Retrieved 2009-04-13.

[38] Geoff Dyer in Beijing (2009-08-24). "The dragon stirs" (http:/ / www. ft. com/ cms/ s/ 0/ 671a76ec-a950-11de-9b7f-00144feabdc0.html?catid=176& SID=google). The Financial Times. . Retrieved 2009-09-18.

[39] C. Fred Bergsten (Nov 2009). "The Dollar and the Deficits" (http:/ / www. foreignaffairs. com/ articles/ 65446/ c-fred-bergsten/the-dollar-and-the-deficits). Foreign Affairs. . Retrieved 2009-12-15.

[40] "Prime Minister Gordon Brown: G20 Will Pump Trillion Dollars Into World Economy" (http:/ / news. sky. com/ skynews/ Home/ Politics/Prime-Minister-Gordon-Brown-G20-Will-Pump-One-Trillion-Dollars-Into-World-Economy/ Article/ 200904115254629). Sky News. 2 April2009. .

[41] Gillian Tett (2010-01-28). "Calls for a new Bretton Woods not so mad" (http:/ / www. ft. com/ cms/ s/ 0/56dbb854-0c0b-11df-96b9-00144feabdc0. html). Financial Times. . Retrieved 2010-01-29.

External links• The Bretton Woods Project (http:/ / www. brettonwoodsproject. org/ index. shtml)• The Rise and Fall of Betton Woods (http:/ / www. mail-archive. com/ ctrl@listserv. aol. com/ msg46444. html)• Eurodad: Bretton Woods II conference FAQs (http:/ / www. eurodad. org/ whatsnew/ articles. aspx?id=3008)• Eurodad: IMF back in business as Bretton Woods II conference announced (http:/ / www. eurodad. org/

whatsnew/ articles. aspx?id=3010)• UN Interactive Panel on the Global Financial Crisis (http:/ / www. un. org/ ga/ president/ 63/ interactive/ gfc.

shtml)

International monetary systems 9

• UN Commission of Experts on Reform of the International Financial System (http:/ / www. un. org/ ga/ president/63/ commission/ financial_commission. shtml)

• G20 official website (http:/ / www. g20. org)• G20 Info Centre (Univ of Toronto) (http:/ / www. g8. utoronto. ca/ g20)• International Monetary System (Banque de France) (http:/ / www. global-currencies. org/ smi/ gb/ home. php)

Article Sources and Contributors 10

Article Sources and ContributorsInternational monetary systems  Source: http://en.wikipedia.org/w/index.php?oldid=437142689  Contributors: AK Auto, Alex1011, Alice.haugen, Bcs09, Benlisquare, Bobrayner, By78,Chkiss, Edward, FeydHuxtable, Good Olfactory, Hmains, John of Reading, Johnor, Joseph Solis in Australia, Jx-10, Ken Gallager, Kwamikagami, LilHelpa, Michael Hardy, Mild Bill Hiccup,Nbarth, PDCA, Plrk, Rjwilmsi, TreasuryTag, Vedant, Vince Navarro, WereSpielChequers, WikHead, 26 anonymous edits

Image Sources, Licenses and ContributorsFile:Forex.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Forex.svg  License: Public Domain  Contributors: RedHotHeatFile:Christus austreibt.JPG  Source: http://en.wikipedia.org/w/index.php?title=File:Christus_austreibt.JPG  License: Public Domain  Contributors: Original uploader was Epiphyllumlover aten.wikipediaFile:International money montage.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:International_money_montage.jpg  License: Public Domain  Contributors:GoldNuggetUSGOV.jpg: US Government Achaemenid_coin_daric_420BC_front.jpg: Deflim Offa_king_of_Mercia_757_793_gold_dinar_copy_of_dinar_of_the_Abassid_Caliphate_774.jpg:PHGCOM Potosi_Real.jpg: DelGranado derivative work: Nils von Barth (nbarth) (talk)Image:Goldkey logo removed.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Goldkey_logo_removed.jpg  License: Public Domain  Contributors: Swiss BankerImage:Lange-MigrantMother02.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Lange-MigrantMother02.jpg  License: Public Domain  Contributors: w:Dorothea LangeDorotheaLange, w:Farm Security AdministrationFarm Security Administration / Office of War Information / Office of Emergency Management / Resettlement AdministrationImage:WhiteandKeynes.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:WhiteandKeynes.jpg  License: unknown  Contributors: International Monetary FundFile:NYC NYSE.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:NYC_NYSE.jpg  License: Creative Commons Attribution-Sharealike 3.0  Contributors: ArnoldiusImage:Cumbre de Washington.jpg  Source: http://en.wikipedia.org/w/index.php?title=File:Cumbre_de_Washington.jpg  License: Creative Commons AR-Presidency  Contributors: No mention

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