Italian G8 2009 presidency faces tough challenges Jan 4, 2009
The financial crisis, reforms to the Bretton Woods system of monetary management, the development of renewable energy sources, climate change, food safety and poverty will also be given priority. G8 EXPECTS ENLARGEMENT. (Xinhuanet, China)
Italy takes over G8 presidency Jan 2, 2009
Frattini said terrorism, nuclear disarmament and the situations in Afghanistan, Pakistan and Africa would be on the political agenda, while economic issues to be given priority are reforms to the Bretton Woods system of monetary management, the development of renewable energy sources, the impact of climate change on the economy and food safety. The G8, originally the G6, was set up in 1975 as a forum for the world's most industrialized nations. (Xinhuanet, China)
Two differing views on how to solve global financial crisis Dec 12, 2008
In the past, the money we used was based on something that had value, now we are using pieces of paper where the value is dependent on what people say it is, Dr Mahathir said, referring to the Bretton Woods system, set up in 1944, when fixed exchange rates were tied to gold reserves and the US dollar. The Bretton Woods system broke down in the 1970s as industrialised countries moved to floating currencies and the influence of capital markets grew. (The Star Online, Malaysia -- Business)
The only cure for a bubble Nov 17, 2008
She continues: "At the bottom of the world financial crisis is international monetary disorder. Ever since the post-World War II Bretton Woods system - anchored by a gold-convertible dollar - ended in August 1971, the cause of free trade has been compromised by sovereign monetary-policy indulgence. Today, a soupy mix of currencies sloshes investment capital around the world, channeling it into stagnant pools while productive endeavor is left high and dry ... If we are to 'build together the... (Asia Times Online)
Medvedev Wants Better Relationship With Obama Nov 14, 2008
On a Handheld Device. SIGN UP FOR FREE NEWS ALERTS. (Newsmax)
* G20 leaders discuss credit crisis Nov 10, 2008
IMF managing director Dominique Strauss-Kahn, warned in an interview with the Financial Times that expectations should not be oversold of a successor to the 1944 Bretton Woods system being agreed upon. Things are not going to change overnight. (Taipei Times, Taiwan -- World)
G20 vows action on crisis, bigger voice for smaller economies Nov 10, 2008
The Sao Paulo meeting concluded that the Bretton Woods system set up to govern international finance in 1944 should be revamped. This would mean overhauls of the World Bank and International Monetary Fund, created at Bretton Woods. (India Times)
EU aims for coordinated position ahead of Washington summit Nov 7, 2008
Both Sarkozy and Brown had called for thoroughly reforming the global financial system, which should be replaced by a brand-new Bretton Woods system. They had also suggested the establishment of a "supervisory college" that would monitor large financial firms that operate across borders, but it was dropped. (Xinhuanet, China)
Eurozone finance ministers to meet on global financial reform Nov 4, 2008
Several EU leaders such as British Prime Minister Gordon Brown and French President Nicolas Sarkozy have called for a new Bretton Woods system in the global financial reform push, supporting an overhaul of the IMF and the World Bank, which are Bretton Woods institutions set up after World War II.. The document says emerging economies led by China and India should be given more say in the Group of Eight (G8) industrialized countries, a rich countries' club which dominates the IMF and other... (Xinhuanet, China)
Credit crisis is exposing free market hypocrisy Nov 3, 2008
The new administration should be able to avoid this invidious choice by taking a few sensible measures that show recognition of the true systemic nature of the crisis and by indicating the administration is prepared to co-operate with the major European economies such as Britain, France and Germany, as well as China and Japan, to repair the damage to the Bretton Woods system by the market fundamentalists since the 1971 Smithsonian Agreement to float the US dollar against major European and... (Sydney Morning Herald -- Business)
UN calls for sweeping new "Bretton Woods" system Oct 31, 2008
Concord Monitor Online - AP Headlines. The news you need now. (Concord Monitor)
Asia's passing pleasure moment Oct 29, 2008
The rigid international financial architecture of the time, labeled the Bretton Woods system for the small New Hampshire resort town where it had been hammered out in 1944, could not accommodate the emergence of Japan's export surpluses - joined to a lesser extent by those of West Germany - and their mirror images, the first substantial trade deficits run by the United States for a century or more. Attempts to rework the formal arrangements of the Bretton Woods system collapsed in the political... (Asia Times Online)
Asia, EU leaders united in lack of detail Oct 28, 2008
Unanswered was the question of what would replace the Bretton Woods system, particularly the International Monetary Fund and the World Bank, that has governed international finance since the end of World War II. Nevertheless, European politicians appraised the meeting as a success in drawing the support of Asian countries for reshaping the global economic structure. "The fact that so quickly all Asian leaders agreed on the principles that we brought to this meeting is a good demonstration of the... (Asia Times Online)
China stays quiet amid talk of new financial order Oct 27, 2008
But Beijing shows scant interest in debating whether a wholly new monetary regime is called for -- whether, perhaps, the current crisis has its roots in the floating exchange rates that replaced the Bretton Woods system of fixed-but-adjustable rates, centred on the dollar, backed by gold and supervised by the International Monetary Fund, that collapsed in 1971. "I don't think China can do much. Officials have said that what is important for China is to handle its own business well, which I think... (Reuters UK)
Russia, Norway likely to ignore Opec's pleas to reduce oil production Oct 27, 2008
Online Edition Powered By IOL. Vienna - Opec is unlikely to receive help from Russia, the world's biggest oil exporter, despite the cartel's plea for non-Opec producers to share the burden of cutting output. (Business Report, South Africa)
Asia-Europe talks turn to climate change, energy security Oct 25, 2008
Sarkozy, whose country currently holds the rotating presidency of the European Union, is seeking to overhaul the Bretton Woods system that has governed international finance since the end of World War II.. "When it comes to the Washington summit on November 15, Europe is going to present a united front and we will submit well-considered proposals developed together," the French president said. (Yahoo! Asia News)
A lost cause?; Aid and trade; A new financial order Oct 24, 2008
20): The crisis in the international financial system creates the need to ditch the Bretton Woods system - the international financial system created just after World War II.. We need a new global system based on the a basket of the world's major currencies, instead of complete reliance on the U.S. dollar. (International Herald Tribune -- Ed/Op)
At ASEM, all eyes on PM and India Oct 24, 2008
Basically, he wants to reform the Bretton Woods system that created the World Bank and IMF in 1945. Sarkozy has asked India and China to be part of a series of meetings on the crisis. (India Times, India)
Getting China just right Oct 22, 2008
If the Bretton Woods system is to be reinvented as British Prime Minister Gordon Brown proposes, is it farfetched to hold the meetings in a quiet Chinese location. For Canadians, the stakes are much bigger than slumping commodity prices, bilateral trade numbers, and reduced container flows. (Globe and Mail -- International)
Bretton Woods System Oct 21, 2008
By Tuesday, Oct. 21, 2008. Delegates attend the Bretton Woods conference in July of 1944 at the Mt. Washington Hotel in Bretton Woods, New Hampshire Alfred Eisenstaedt / Time Pictures / Getty. (Time.com)
Financial crisis takes toll as China growth slows Oct 20, 2008
Sarkozy and other European leaders have been urging a broad overhaul of the so-called Bretton Woods system, including greater international oversight -- a move Bush said should be treated with caution ... Bretton Woods system. (Yahoo News -- Top Stories)
World financial crisis overshadows concerns of poor countries Oct 20, 2008
He said most African countries were ignored colonial outposts when the Bretton Woods system of monetary management, the International Monetary Fund and the World Bank were created. We keep inventing mechanisms to deal with new problems without fundamentally changing systems. (Globe and Mail)
Joining world effort, SKorea moves to shore up banks Oct 19, 2008
Sarkozy has been urging a broad overhaul of the so-called Bretton Woods system of international finance and commerce put in place during World War II, and pushing to make sure there is no repeat of the current crisis. "We must avoid at all costs that those who have led us to where we are today should be allowed to do so once again," he said. (Sydney Morning Herald -- World)
US, European leaders to hold summits on financial crisis Oct 19, 2008
The European leaders are seeking to overhaul the Bretton Woods system that has governed international finance since the end of World War II, and launch a new system. "You have a lot of people talking about Bretton Woods," said Fratto. (Sydney Morning Herald -- World)
Leaders line up finance summits as SKorea shores up banks Oct 19, 2008
" The tone of Bush's remarks after the talks in Camp David, Maryland, was markedly different from those from Sarkozy who has been urging a broad overhaul of the so-called Bretton Woods system of international finance and commerce put in place during World War II. "We must avoid at all costs that those who have led us to where we are today should be allowed to do so once again," said Sarkozy. Sarkozy, who has been an increasingly vocal advocate of fundamental financial reforms, stressed it was... (Sydney Morning Herald -- World)
US to host crisis summit Oct 19, 2008
Later summits "would be designed to implement agreement on specific steps to be taken to meet those principles'', the statement read. Sarkozy - whose country currently holds the rotating EU presidency - and Barroso arrived today for a three-hour meeting with Bush at the president's retreat at Camp David, outside the US capital. The European leaders are seeking to overhaul the Bretton Woods system that has governed international finance since the end of World War II, and launch a new system. The... (The Age, Australia -- World)
Cohen: Nixon, Bush, Palin Oct 3, 2008
The Bretton Woods system of monetary management collapsed in 1971. Since then the dollar's been the primary reserve currency. (International Herald Tribune -- Travel)
John Taylor Rules Currencies, Not to Be Confused With Other Guy on Economy Aug 23, 2008
That led to the collapse of the Bretton Woods system of exchange rates that had tied currencies to the dollar and the price of gold since 1944. As currencies began to float freely against the dollar, demand for foreign exchange services from international companies exploded. (Bloomberg)
Gold's Bull Runs of the Past Aug 4, 2008
After the Collapse of the Bretton Woods System ... One might say it all started after the dollar was taken off the Bretton Woods system, when gold and silver prices became deregulated and when investors turned their focus to personally owning precious metals. (Suite101.com)
Halting speculators is not the way to pacify the oil price Jul 16, 2008
The Bretton Woods system of fixed exchange rates lasted from 1946 to 1973. Thereafter, floating exchange rates became the norm. (Business Report, South Africa)
A Libertarian's Impressions of the Stiglitz Performance Jul 13, 2008
Which made it all the more curious that Professor Stiglitz was so frequently uncharitable about the Bretton Woods system. In a manner more reminiscent of William Easterly than Jeffrey Sachs, the Columbia University Academic at various points in his talk appeared to quarrel with the World Bank and IMF about the latter institutions' lack of modesty. (Ghana Web, Ghana)
Irrational Exuberance to Bust: Financial Bubbles Demand Regulation May 2, 2008
This includes a reform of the United Nations and the Bretton Woods system, so that the interdependent world we live in is regulated in a manner allowing stronger participation by the emerging South and benefits accruing more equitably throughout the world economy. Kemal Dervis is administrator of the United Nations Development Programme, and this article is based on the Commencement Day Annual Lecture delivered at and organized by the Export-Import Bank of India, on 18 March 2008. (YaleGlobal Online Magazine, CT)
Dollar Reserve Status Is Tale of Fading Glory May 2, 2008
When the Bretton Woods system collapsed in 1971, almost all Japanese exports were priced in dollars. Now less than half are. (Bloomberg -- Columnists)
Commentary: Devaluationist Bunk Feb 12, 2008
That year Richard Nixon abandoned the Bretton Woods system of fixed exchange rates. He closed the gold window, imposed a surcharge on manufactured imports and demanded that other big industrial countries allow their currencies to appreciate against the dollar before he would remove the surcharge. (Forbes)
Traders seek the ancient haven of gold amid global market storm Jan 29, 2008
" It has been used for centuries as a symbol of wealth in anything from jewellery to bathroom fittings, or even the coffin of Egyptian pharaoh Tutankhamun, who died more than 3 000 years ago. As currency, the history of gold coins is usually traced through the Roman Empire back to Lydia in what is now Turkey, where it is believed the first real coins were struck around the 6th century BC. In modern times, the Bretton Woods system introduced after World War 2 obliged countries to maintain the... (Business Report, South Africa)
* Gold shines as stock prices fall Jan 28, 2008
In modern times, the Bretton Woods system introduced after World War II obliged countries to maintain the value of their currencies in a tight link to gold, but the mechanism collapsed in 1971. Recent events, however, have shown that when stocks and paper money are stumbling, investors head to the soft, malleable metal with its seductive gleam. (Taipei Times, Taiwan -- World Business)
On the tiger of cheap money Jan 24, 2008
Jim Grant, the publisher of Grant's Interest Rate Observer and a well-known Wall Street contrarian, told the Herald that an American recession in the current circumstances could bring "an end to the Bretton Woods system, Mark II", the existing world financial order created with the end of the gold standard in 1972. The biggest of the world's bond market investors, Bill Gross, the founder of Pimco, told the journal Barron's last week that "economic growth will be below zero or mildly above it for... (Sydney Morning Herald -- Business)
Terrorism: FARC's 'Gift' To Hugo Chavez Jan 16, 2008
With the Bretton Woods system of fixed exchange rates tenuous at best, CPI inflation hit 4. 7% by December of 1968, and when President Nixon completely severed the dollar-gold link more than two years later, the inflationary floodgates opened. (Investors Business Daily)
For a new financial order Jan 11, 2008
The international financial system has been changing as well as improving, first after the breakdown of the Bretton Woods system in the 1970s and subsequently after the Asian Crisis. It has been marked by a greater level of coordination, data sharing and transparency among countries, their central banks and the regulators. (India Times)
Bello: Power, Passion & Neoliberalism Nov 24, 2007
9% in what is now regarded as the golden age of the post-World War II Bretton Woods system, 1950-73, to 3% in 1973-89, a drop of 39. These figures reflected the wrenching combination of stagnation and inflation in the North, the crisis of import substitution industrialization in the South, and erosion of profit margins all around. (Zmag.org)
World Economy on a Redefined Stage Oct 13, 2007
The World Bank, the International Monetary Fund, the General Agreement on Tariffs and Trade, and the World Trade Organization were all spawned by the Bretton Woods system in the post-World War II era, when 1 percent of voting rights for the developing world was considered fair and normal. But this bears little, if any, relationship to the world of the 21st century. (Newsmax)
The Impressions Of A Holidaymaker (II) Oct 3, 2007
Then, there are other important issues like unfair trade practices, such as dumping, and the granting of huge subsidies to farmers in the west, a practice that makes it impossible for our products to compete with foreign products; conditions and conditionalities that govern World Bank and IMF loans; the affectionate hypocrisy of the Bretton Woods system and other international bodies; and as Joseph Stiglitz, President Bill Clintons chief economic advisor and former Nobel prize winner puts it:... (Ghana Web, Ghana)
Why the Dollar is a 98-lb. Weakling Sep 28, 2007
That's what the U.S. and the world's other big economies did during the 25 years after World War II. The Bretton Woods system, named after the New Hampshire resort town where the agreements were drawn up, brought unprecedented growth in global prosperity by bringing order to financial markets that depression and war had turned upside down. But the very prosperity that Bretton Woods enabled was its undoing. (Time.com)
ARTHUR I. CYR: All economics is local, too Jul 13, 2007
During the same time, the Bretton Woods system of fixed currency exchange rates ended. Chicago commodities exchanges have grasped resulting opportunities, moving beyond agricultural contracts to include financial futures. (Fresno Bee -- Opinion)
"China's WTO accession is a win-win game", interview Jun 25, 2007
As one of the three pillars supporting the development of world economy since World War II, the (or WTO) is a UN specialized agency for international trade issues as the trade arm of the Bretton Woods system, with an importance parallel to the "monetary arm" (the ) and the "financial arm" (the World Bank). And as the head of this important institution, Mr. Pascal Lamy is also highly revered for his dual professionalism on the double tracks of politics (as former European Commissioner for Trade)... (People's Daily Online, China)
How revaluing the yuanwould help China Jun 22, 2007
Not since the United States floated the dollar in the 1970s and threw the Bretton Woods system on the scrap heap of history has the management of exchange rates so captured the attention of economists and national politicians as China's undervalued yuan does now. Then, as now, all manner of polemics and the weight of established authority argued that governments should manage currency-exchange rates, much as they attempt to fix prices, for. (Asia Times Online)
Public Information Notice: IMF Executive Board Adopts New Decision on Bilateral Surveillance Over Members' Policies Jun 22, 2007
The1977 Decision was crafted shortly after the collapse of the Bretton Woods system, in the midst of considerable uncertainty as to how the new system would work. It focused exclusively on surveillance over exchange rate policies, and its coverage was relatively narrow even in that area. (IMF News)
No Firm Climate Targets From G8, US Says Jun 7, 2007
The world's top industrial powers first gathered in 1975 in Rambouillet, France, to coordinate economic policy following a global oil crisis and the collapse of the Bretton Woods system of fixed exchange rates. Recently, the club has come under pressure to adapt to shifts in global economic power. (Planet Ark, United States)
Leaders gather for start of G-8 summit Jun 6, 2007
African leaders invited to 'outreach' sessionThe worlds top industrial powers first gathered in 1975 in Rambouillet, France, to coordinate economic policy following a global oil crisis and the collapse of the Bretton Woods system of fixed exchange rates. Recently, the club has come under pressure to adapt to shifts in the global economic balance. (Huntington WSAZ-TV, WV)
G-8s focus may default to African aid Jun 4, 2007
Informal meetings of the top industrial powers date back to 1975, when the G-6 (Canada joined in 1976 and Russia in 1998) gathered in Rambouillet, France, to co-ordinate economic policy following a global oil crisis and the collapse of the Bretton Woods system of fixed exchange rates. Sponsored links. (Business Day)
Cracks on Climate as G8 Leaders Meet in Germany Jun 4, 2007
Informal meetings of the world's top industrial powers date back to 1975, when the G6 (Canada joined in 1976 and Russia in 1998) gathered in Rambouillet, France to coordinate economic policy following a global oil crisis and the collapse of the Bretton Woods system of fixed exchange rates. Now the club, which accounts for nearly two-thirds of the world's growth but only about one-eighth of its population, faces accusations of irrelevance and is under pressure to adapt to a shift in the global... (Planet Ark, United States)
Weisbrot: Bank After Wolfowitz May 31, 2007
The breakdown of the IMF/World Bank creditors' cartel has been the most important change in the international financial system since the collapse of the Bretton Woods system of fixed exchange rates in 1973. It is in this context that the battle for reform at the World Bank is most meaningful. (Zmag.org)
Weisbrot: Latin America Changes Mar 20, 2007
This is the biggest change in the international financial system since the breakdown of the Bretton Woods system in 1973, and it has enormous economic and political implications. The IMF was overwhelmingly the major avenue by which the US government influenced economic policy in Latin America. (Zmag.org)
The rising stars of Asia can't carry whole show Jan 24, 2007
A devastated nation after World War II, Germany latched onto the U.S.-enforced gold standard the Bretton Woods system and kicked off two decades of export-driven expansion as spending on the Korean War in the 1950s helped to restart factories across Europe. 1. (International Herald Tribune -- Business)
