Chatham House Report

Senior Research Fellow, Global Economy and Finance
John Driffill
Additional author info: 


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.


Further resources 


Beyond the Dollar: Rethinking the International Monetary System
Expert Comment and Video

After the Dollar: The World Needs a New Monetary Architecture
The Wall Street Journal
DeAnne Julius and Paola Subacchi, March 2010