This report maps out proposals for a new international monetary order and looks at ways in which monetary authorities and political leaders can help prepare the ground for a new system and facilitate the transition.
Key recommendations include:
A multicurrency reserve system for a multipolar world economy
Promote dialogue and policy coordination to provide stability, confidence and balanced adjustment
Strengthen the role and legitimacy of international institutions, including how the surveillance role of the International Monetary Fund (IMF) can be reinforced to address more effectively the problem of exchange rates and payments disequilibrium.
Consideration of how the shape of the international monetary system in the 21st century will be significantly influenced by the interests and the requirements of the emerging powers, including how the dollar-based monetary system is no longer adequate for a larger and more integrated world economy.