What Should Bretton Woods II Look Like?

The current financial crisis has made the need for reform of the international financial architecture patently clear. Any “Bretton Woods II” conference must propose a global system for prudential regulation and supervision, a revamped IMF, and an international debt court.

NEW YORK – For those of us who have long claimed that the world’s international financial architecture needed deep reform, the call for a “Bretton Woods II” is welcome. Of course, similar calls were made after the Asian and Russian crises of 1997-1998, but were not taken seriously by the rich industrial countries. Now that these countries are at the center of the storm, perhaps they will now be serious.