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International monetary system |
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International monetary system The global network of government and commercial institutions within which currency exchange rates are determined. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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For that reason, he correctly chastises the IMF for failing to discharge its stewardship of the international monetary system and he raises the most pertinent of questions when he asks what will happen to the global payment system when today's conditions of excess liquidity come to their inevitable end. Volcker had already made one historic economic move: In 1971, as President Nixon's top monetary official at the Treasury Department, he conceived the idea of floating the dollar, which kept the international monetary system from imploding and gave the world flexible exchange rates. Professors Calomiris and Meltzer have proposed sweeping changes in the IMF and, indeed, in the international monetary system ("Fixing the IMF", Summer 1999). |
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International monetary system
