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rbw/new-directions-international-monetary-and-financial-policy-september-2011

New Directions for International Monetary and Financial Policy (September 2011)

Rethinking Bretton Woods | Mon, Oct 10, 2011

By Club de Madrid, Friedrich Ebert Foundation, Club de Madrid

Friedrich-Ebert-Stiftung, Club de Madrid and Center of Concern co-published “New Directions for International Financial and Monetary Policy: Reducing inequality for Shared Societies.” The publication, edited by Sara Burke and Werner Puschra gathers presentations made by policy-makers and officials from developed and developing countries, academics and high level personalities at a conference held last Spring by the three co-publishing organizations.

 

Recent events—from the global financial crisis of 2008-9 to the ongoing democratic uprisings in the Arab World— show that the current international monetary and financialsystem is dysfunctional. Neither national nor international policies adopted in response to recent crises have translated into strong recoveries, and the rebound has been especially weak in the labor markets. In addition, the limited role that public policy has played in addressing  chronic and increasing inequality—especially the particular challenges presented by group inequalities, which
are fuelled by perceived and real injustice, and often have international dimensions—underscores the urgency of finding ways to correct these ineffective policies.

Jose Antonio Ocampo, Professor at Columbia University and former UN Under-Secretary General for Economic and Social Affairs, in his preface states: "This collection represents an important contribution to one of the central debates of our times. Let me congratulate the Friedrich-Ebert-Stiftung, Club de Madrid and the Center of Concern for bringing this excellent group of practitioners and analysts together to broaden our understanding of this complex set of issues," says  The recent global financial crisis demonstrated how dysfunctional the current international macroeconomic and financial architecture is for managing today’s highly integrated global economy."