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Bretton Woods II: Stiglitz calls for new monetary order
Posted By aaron On October 31, 2008 @ 6:04 pm In Economic Crisis | Comments Disabled
UN calls for sweeping new “Bretton Woods” system
October 30, 2008
UNITED NATIONS—Diplomats and economists are pressing for new global financial rules, seeking an update of the World War II-era system created at New Hampshire’s Bretton Woods.
Nobel Prize-winning economist Joseph E. Stiglitz of Columbia University told the U.N. General Assembly that “this is a global crisis and it requires a global response.”
U.N. General Assembly President Miguel d’Escoto Brockmann convened a debate on the global financial meltdown to position the world organization squarely at the center of a possible fix.
Development economist and former U.N. official Sakiko Fukuda-Parr of the New School said that “global solutions are needed.”
At the 1944 Bretton Woods conference of major powers in New Hampshire, the U.S.-led negotiations spawned the two major sister U.N. institutions, the International Monetary Fund and World Bank.
COMMENT: Stiglitz recommended a global reserve currency to stabilize assets “too big to fail” in the era of globalization.
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