Whoisincontroloftheinternational..docVIP

Who is in control of the international monetary system? 谁控制了国际货币体系 PAOLA SUBACCHI* The recent financial crisis has been a catalyst for a general reassessment of the functioning of the world economy. After all, to paraphrase President Obama’s adviser Rahm Emanuel, a good crisis should not be wasted. Even if the International Monetary System (IMS) was not at the heart of the financial crisis, attention has been drawn to its shortfalls by many—from President Sarkozy of France to Governor Zhou Xiaochun of the People’s Bank of China and Governor Mark Carney of the Bank of Canada. 最近的金融危机成为了对世界经济运作的大规模重新评估的催化剂。毕竟，套用奥巴马总统的顾问拉姆·伊曼纽尔的话，一个好的危机不应该被浪费掉。即使国际货币体系（IMS）不是金融危机的可信，它的不足之处已被很多人注意力到，从法国总统萨科齐到中国人民银行行长周小川和加拿大银行州长马克·卡尼。 The monetary system was reshaped in the mid-1940s in the aftermath of the Second World War and again in the early 1970s after the first oil price shock. In both cases, global disruption shook the monetary system and caused prolonged instability. The question now is whether the current system of floating currency blocs with dollar-based trade and reserves can withstand the strains of the global adjustment ahead. It is time to consider alternatives for the IMS and to address the issue of its governance within the context of the postcrisis world economy. 货币体系，在第二次世界大战后的20世纪40年代中期被重新修正，之后又在20世纪70年代第一次石油价格冲击之后再一次被修正。在这两种情况下，全球危机撼动了货币体系并导致经济的长期不稳定。现在的问题是当前经济系统，以美元计价的贸易和储备浮动的货币集团，是否会阻碍全球经济自行调整向前发展。现在是时候考虑IMS的替代方案，以及在世界经济后危机的背景下解决其管理问题。 The IMS is where tensions from globalization—and the conflict between domestic policy goals and international obligations—tend to coalesce. As the economic recovery kicks in, and we are no longer ‘diving’ together, the intrinsic asymmetry of the system becomes more evident. Governments may be tempted by protectionist measures if volatile capital flows destabilize currencies and if the burden of adjustment is perceived as unfairly distributed. And if countries devalue, their neighbours may again retaliate with tariffs and quotas of t