Una Bretton-Woods per lo yuan"...Paris puts on the table of the G-20 Reform of the international monetary system, for decades the Holy Grail of France. The severity of the latest crisis has convinced many others that his time has come. Sarkozy is armed with the help of a group of "wise men", inspired by the former director of the IMF, Michel Camdessus, former Minister of Economy and the Italian Tommaso Padoa-Schioppa (which has been actively involved until the penultimate meeting of December, just days before his sudden death) and consist of other luminaries of the international economic diplomacy, as the former head of the Federal Reserve, Paul Volcker, and the super-expert Ted Truman.
The wise have produced a document of a dozen pages, that Elisha has attached to his letter, and prepared a more detailed study that will be on the board of finance ministers and central bank governors at the meeting in Paris in mid-February. In fact, constitute the starting point of the discussion that the French presidency of the G-20, while carefully navigating between conflicting visions of the United States and China, wants to bring to fruition this year.
The G-20 faced with the decision the worst of the crisis, then, when things started to normalize, everyone has got to move by itself. The long-term problems have remained largely intact, apart from the heavy work on the new regulation of financial co-ordinated by the Financial Stability Board. "International cooperation - the document says the wise men, dubbed" the initiative of the Palais Royal "from the name of their last meeting - is a necessary ingredient in the pursuit of national prosperity."
"...Citing the role of arbiter, even with a more prominent role on this issue changes, the IMF, instead of the G-20 countries themselves, as expected now, as they have a "nonaggression pact". "The benchmark should trigger a review that has the" teeth "to induce changes in policy," says the director of the Bank of Italy, Fabrizio Saccomanni, who picked up the baton of Padoa-Schioppa, and promoted a technical support National group on the Palais Royal. Moreover, the two central bankers had a dialogue on these issues over ten years. A paper written together in 1994 to celebrate 50 years of Bretton Woods (Managing a market-led global financial system) foreshadowed some of the problems related to interaction between policies and financial markets, which would then exploded with the recent crisis...."
[Mrt: http://translate.google.com/#auto|en| used]
[Mrt: Non aggression pact alias chickens will not be roasted at home?]
[Mrt: TPS + Oro = http://www.tommasopadoaschioppa.eu/?s=oro]