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The Current International Monetary and Financial System

The Current International Monetary and Financial System. Dr. Antony Mueller. Core International Finance Institutions. Group of Seven (G7) Extended Groups (G10, G20) Interna tional Monetary Fund (IMF) Bank for International Settlements (BIS) World Bank Group

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The Current International Monetary and Financial System

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  1. The Current International Monetary and Financial System Dr. Antony Mueller

  2. Core International Finance Institutions • Group of Seven (G7) • Extended Groups (G10, G20) • International Monetary Fund (IMF) • Bank for International Settlements (BIS) • World Bank Group • Organization for Economic Cooperation and Development (OECD) • Financial Stability Forum (FSF)

  3. Proposals for Enhanced Regulation • Improvement of the standards of information and know-how • Installation of early warning systems • International coordination of monetary and fiscal policies • Creation of specific regulatory and supervisory bodies • Control (taxation) of international financial flows (Tobin Tax) • Implementation of target zones for currencies

  4. Proposals for Enhanced Liberalization • Abolishment or reduction of the role of the International Monetary Fund • Abolishment or reduction of bailout measures • Internal banking supervision according the principles of ‘good governance’ • Abandonment of inflexible exchange rate schemes •  Continuation of ‘capital account convertibility’ as a necessary complement to ‘current account convertibility’ •  Internal financial market liberalization with the continuing transition form ‘structural regulation’ to improved ´prudential supervision’ • Fostering domestic fiscal and monetary austerity

  5. “Consensus” Reform Proposals • Fostering the implementation of ‘Core Principles for Effective Banking Supervision’ • Improving global macroeconomic transparency • Improving microeconomic transparency at the corporate level • Establishing an international ‘Financial Stability Forum’ • Re-concentrating IMF-facilities on Stand-By Arrangements (SBA) with the potential facility of a Contingent Credit Line (CCL) • Decelerating the pace of financial liberalization in favor of appropriate ‘sequentialism’ • Bail-in of the private sector • Acceptance of control on short-term capital movements • Support for managed floating currency systems

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