Rethinking Bretton Woods | Thu, Apr 19, 2012
Center of Concern co-publishes "Fixing Finance is not Enough: The social consequences of monetary and financial policies."
Fixing Finance is Not Enough: The social consequences of monetary and financial policies is based on discussions from a September 2011 conference organized by Friedrich-Ebert-Stiftung, Club de Madrid and Center of Concern at the International Monetary Fund on rising inequalities and the need for a sustainable international monetary and financial system to foster shared societies.
It is the follow-up publication to New Directions for International Monetary and Financial Policy: Reducing inequality for shared societies.
The present volume organizes discussions from the September 2011 conference into four thematic areas: 1) political challenges to pursuing shared societies, 2) linkages between inequality, the state of the multilateral order and the global financial crisis, 3) what is necessary to embed social policy in monetary and financial policy and 4) the challenge for development.
The underlying message of these various contributions to a discussion on the social consequences of monetary and financial policies is that the linkages are of vital importance.Failure to take steps to correct monetary and financial policies that increase income and wealth inequality has been deleterious to growth, to social cohesion and to economic stability.Furthermore, income concentration in the financial sector has exacerbated governance challenges that have both domestic and international dimensions and that must be tackled multilaterally, in a reformed multilateral system, for the sake of both »traditional« development and sustainable human development for a new era.