Summary
Paris, 1918-19. London, 1933. Bretton Woods, 1944. The end of fixed exchange rates, 1971-73. The oil-price shocks of the 1970s. Calls for a new Bretton Woods in the 1980s. Recent reforms. What we have learned.
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Extract
A New Bretton Woods?
History shows that reforming the international fi nancial system requires both leadership and inclusiveness
When French President Nicolas Sarkozy and British Prime Minister Gordon Brown called for a "new Bretton Woods" agreement in October 2008, they were recalling the success of the International Monetary and Financial Conference held in Bretton Woods, New Hampshire, in July 1944. What Sarkozy and Brown envisaged was a new multilateral agreement to stabilize international fi nance in the 21st century, the way the 1944 conference, which established the International Monetary Fund and the World Bank, stabilized fi nancial relations among countries in the second half of the 20th ce...See the full content of this document
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