Emerging Economies and the Reform of the Global Monetary System

Abstract

The recent global financial crisis placed the issue of global macroeconomic and financial stability at the center of the world agenda. The first of these objectives may be understood as guaranteeing an adequate supply of liquidity at the international level and the coherence of the domestically determined macroeconomic policies (regional in the case of the Eurozone monetary policy), particularly those of major countries. The second may be understood as a coherent set of rules that helps prevent as well as better manage financial crises when they do occur.