A New Bretton Woods?
The chaotic and costly international response to the world’s current financial disorder has prompted many world leaders to call for a new Bretton Woods Conference in order to design a new global financial system. But, while It is easy to see the appeal of scrapping today’s global financial architecture, we need a clear understanding of what a new agreement might provide.
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PRINCETON – The chaotic and costly international response to the world’s current financial disorder has prompted French President Nicolas Sarkozy, British Prime Minister Gordon Brown, and German President Horst Köhler, a former head of the International Monetary Fund, to call for a new Bretton Woods Conference in order to design a new global financial system. But such a demand depends on a clear understanding of what a new agreement might provide.