This
paper reviews some of the current debates on the reform of the
international monetary system. Despite its deficiencies, the United
States (US) dollar will remain the dominant currency and Special Drawing
Rights (SDR) cannot serve as either an international medium of exchange
or a reserve currency. The International Monetary Fund (IMF) has
changed its position to accept capital controls under certain
circumstances. Refining control instruments better tuned to present day
markets may bring about greater acceptance. The 2008–2009 global
financial crisis has dimmed much of the earlier hope for the
multilateralized Chiang Mai Initiative. The currency swap arrangements
portend a new form of international cooperation. Finally, for the Group
of Twenty (G20) to matter, the systemically important countries need to
ensure the stability of their financial systems and economies.
http://adbi.org/files/2012.06.
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