Monday, October 13, 2008
Bretton Woods III?
As stated previously, new currency regimes will follow from the current (yet declining) credit crunch and market volatility. The Euro has been exposed as a deeply flawed Frankensteinian creation.
World needs new Bretton Woods, says Brown
1 hour ago
LONDON (AFP) — World leaders must meet to agree a new Bretton Woods system, Prime Minister Gordon Brown said on Monday, referring to the global financial architecture established at the end of World War II.
Speaking as the government announced its latest move to try to stabilise the creaking banking system, Brown said the current crisis should be seen as an opportunity to push through delayed reforms.
"Sometimes it takes a crisis for people to agree that what is obvious and should have been done years ago, can no longer be postponed," he said in a major speech on the fast-moving world financial crisis.
"We must create a new international financial architecture for the global age," adding: "We must have a new Bretton Woods -- building a new international financial architecture for the years ahead."
The Bretton Woods system was agreed at the end of World War II. It set in place the world's financial architecture, which remains in place today, based on the International Monetary Fund (IMF) and the World Bank.