ECB - JS - Lessons from 1971 for Europe and the world in light of past and present experience

The future of the international monetary system: Lessons from 1971 for Europe and the world in light of past and present experience

Speech by Jürgen Stark, Member of the Executive Board of the ECB,
organised by the Official Monetary and Financial Institutions Forum,
London, 11 May 2011

'¨"...
One of the most significant innovations in the international monetary system, in this respect, has been the G20 Framework for Strong, Sustainable and Balanced Growth, launched at the Pittsburgh Summit in September 2009. Its aim is precisely to ensure the mutual compatibility of domestic policies and to monitor the progress of needed domestic structural reforms. G20 members review each others’ policy actions and frameworks in order to grasp the combined effect of policies on the global economy. The G20 then explores the scope for improving the global outcome by defining the necessary policy measures to make adjustments where possible..."

Source: http://www.ecb.int/press/key/date/2011/html/sp110511.en.html