Lessons from the 1970s for international monetary reform. (11th April 2023)

• Record Type: Journal Article
• Authors: Eichengreen, Barry
• Is Part Of: Oxford review of economic policy. Volume 39:Number 2(2023)
• Page Start: 183
• Page End: 194
• Publication Date: 2023-04-11
• Subjects: Bretton Woods -- exchange rates -- international monetary reform; F3 -- F33; Economic policy -- Periodicals; 338.9005
• DOI: 10.1093/oxrep/grad001
• Languages: English
• ISSNs: 0266-903X

Abstract

Abstract: The collapse of the Bretton Woods System in 1971–3 led to ambitious efforts to reform the international monetary system, mainly through the deliberations of the Committee of Twenty (C-20). Many of the issues considered by the C-20 will be familiar to aficionados of twenty-first century discussions of international monetary reform. Ultimately, attempts to reach a consensus in the C-20 were unsuccessful. This paper seeks to identify explanations for that failure in an effort to limit the likelihood that it will be repeated.