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          The Contemporary Reform of Global Financial Governance: Implications of and Lessons from the Past (English)
          Discussion paper by Eric Helleiner (University of Waterloo, Canada) / UNCTAD, 2009, 32 pages
          Categories: International Financial System

          As the world experiences its worst financial crisis since the 1930s, there is a widespread call for global financial reforms similar to the Bretton Woods Agreements of 1944. This paper argues that officials will need to think more creatively and ambitiously about international financial reform than they have done so far. Policymakers seeking to move beyond the present agenda could consider initiatives in each of the three issue areas identified at Bretton Woods. These include: - innovations to regulate international financial markets more tightly - innovations to address global imbalances - innovations to promote international development. However, the contemporary agenda must consider new mechanisms and address an even broader range of topics than in 1944. Therefore, it should take into account the reserve currency status of the dollar, the currency composition of borrowing by developing countries, sovereign wealth funds and the role of regional cooperation, among others.