Our outdated global monetary regime must go
Mervyn King, the governor of the Bank of England, last week described international monetary reform as the biggest challenge facing the world today. He is right. Reform is essential if stability and confidence in the international economy are to be fully restored.
The build-up of global imbalances and the significant exchange-rate volatility triggered by the crisis mark the failure of the current regime. Exchange-rate volatility now risks fuelling commercial and trade disruptions, competitive
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