Rethinking Bretton Woods | Sun, Nov 2, 2008
Following several weeks of widespread global financial turmoil, leaders of several of the world's most powerful countries are planning a summit and a series of meetings to address this burgeoning crisis. The November 15 summit and an accompanying series of smaller meetings will weigh the potential for reforms of the international financial system. Some are calling these meetings "Bretton Woods II," in reference to the New Hampshire conference held in 1944 that created today's main global financial institutions, the World Bank and the International Monetary Fund. The article compares the prospects of this meeting with the proposals for reform that have been on the agenda of the Review Conference on Financing for Development Conference, scheduled for only two weeks later in Doha, Qatar, that offer a more inclusive, multilateral forum. The 20 leaders meeting on November 15 in Washington, especially those representing the rich G8 countries, should have the vision and courage to put a “new multilateralism” into practice and call on all heads of state to attend that conference and commit to shaping a substantive outcome there.
Click here to read We only need one 'Bretton Woods II'