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The Race to a New Bretton Woods

Article no: EN20081111-Article-6.5-2008

The Race to a New Bretton Woods

For years, only a small and enlightened elite and some NGOs looking beyond their tiny projects have been calling for a New Bretton Woods ? a global conference to restructure the global economic and financial system. Yet suddenly such demands have become almost mainstream, and developments have accelerated tremendously. However, the World Financial Summit to be held in Washington DC on 15 November will be at best be a starting point of a process, at worst we will observe another public relations exercise. By Rainer Falk

It is particularly the Europeans who seem to be rushing into action. They have agreed on five measures to re-regulate financial markets: new rules for rating agencies, an overhaul of existing accounting standards, the expansion of control and oversight mechanisms to all financial market segments including hedge funds, a code of conduct for managers of the financial industry and ? last not least ? strengthening the International Monetary Fund ...

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