Reforming the International Monetary System

Abstract

[The weakness of the International Financial System is universally conceived as a major cause of recurring financial crises that warrants introducing bold and wide ranging steps aimed at averting the disasters and mitigating human sufferings. The measures so far taken to improve the System are not enough; they touch the tip of iceberg. The asymmetric character of IMF, needs to be changed. Exchange rate stability should be ensured, the G-20 countries should be encouraged to play an enhanced role and the use of currencies other than US dollar needs to be encouraged. The situation calls for strengthening the global regulations and the ethical dimension of the recurrent global economic crisis needs to be kept in view – Eds.]