Redesigning the Architecture of the Global Financial System
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Redesigning the Architecture of the Global Financial System Redesigning the Architecture of the Global Financial System Douglas W Arner*1 and Ross P Buckley†2 During the great period of globalisation before the First World War, the international economy was based on global trade and global finance with monetary policy largely fixed under the gold standard. After the Second World War, a new international system was designed based upon global trade, fixed exchange rates and essentially domestic finance. This system did not include global financial regulation as finance was to be largely nationally constrained. Over the succeeding decades, however, capital markets globalised. The consequences have been a return to a level of financial and monetary instability not seen since the period following the First World War. The most dramatic example of this instability is the global financial crisis of 2007–10. We argue in this article that there is a fundamental need to redesign the architecture of today’s global financial system to meet the requirements of this new reality, with established mechanisms to address economic coordination, macroeconomic and monetary management, development, and financial crisis prevention and resolution, as well as promote trade. Contents IIntroduction 2 IIThe International Financial Architecture: 1944–98 4 AThe International Economic Architecture as Designed 4 BThe International Economic Architecture in Practice: 1944–94 9 1The IMF and the International Monetary System 9 2Development and the World Bank 10 3Trade, the GATT 1947 and the WTO 12 4Coordination and Linkage 13 5Finance 14 IIIThe ‘New’ International Financial Architecture: 1998–2008 14 AFinancial Crises in the 1990s and the International Response 15 BFinancial Stability 16 CStructure and Process 17 DInternational Financial Standards and Standard-Setting Organisations 18 1Standard-Setting 19 2Implementation and Monitoring 20 EFinancial Liberalisation and the WTO 21 FDevelopment 22 IVThe Global Financial Crisis and the International Architecture 23 AThe G7, FSF and Major Central Banks 23 BThe G20 24 1November 2008 24 2Working Groups 27 3April 2009: The Second G20 Heads of Government Level Meeting 27 4September 2009: The Third G20 Heads of Government Level Meeting 31 5June 2010: The Fourth G20 Heads of Government Meeting 34 CThe IMF, MDBs and the WTO 35 VA New Design? 37 ACoordination 39 BTrade 40 CMacroeconomic and Monetary Policy 41 1Macroeconomic Policy 41 2Monetary Arrangements 42 DFinancial Stability and Development 42 1Crisis Prevention: Regulation 43 2Crisis Management: Liquidity 51 3Crisis Resolution 51 ESustainable Growth and Development 52 VIConclusion 53
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