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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