{
  "title": "Nanjing and the New International Monetary System",
  "publication": "IMF Blog, March 31, 2011",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2011/03/31/new-international-monetary-system",
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  "summary": "Author and date: Dominique Strauss-Kahn, March 31, 2011.",
  "sections": [
    {
      "heading": "Context and significance",
      "content": "- Author and date: Dominique Strauss-Kahn, March 31, 2011.\n- Occasion: High-level seminar in Nanjing on the international monetary system.\n- Regional performance highlighted:\n  - \"Asia now accounts for about a third of the global economy, up from under just a fifth in 1980.\"\n  - China \"has pulled hundreds of millions of people out of poverty over the past few decades.\"\n- Key concern: Sustaining recent progress amid overheating pressures and volatile capital inflows."
    },
    {
      "heading": "Four pressing issues identified",
      "content": "- Imbalances across and within countries\n  - Need for stronger cooperation to promote effective global adjustment and discourage policies that lead to global imbalances.\n  - Existing steps: the G20 Mutual Assessment Process and the IMF’s \"spillover reports\" for the \"five most important systemic economies\" that examine cross-border effects of country policies.\n  - Consideration of \"more ambitious ideas, including a strengthening of countries' multilateral obligations and of accountability mechanisms for these.\"\n- No framework to oversee capital flows\n  - Recognition that capital flows can be destabilizing and \"this is something many countries worry about.\"\n  - Absence of globally agreed \"rules of the road\" on how countries should respond to capital flows.\n  - Evolving view: capital controls were historically not in the IMF toolkit; \"Today, we see them more as part of the toolkit, although only in specific circumstances and not, of course, as a substitute for good macroeconomic policies.\"\n- Inadequate global liquidity\n  - Need to \"strengthen the global financial safety net, to reduce the need to 'self-insure' by building up costly reserves buffers.\"\n  - Options mentioned:\n    - \"Strengthen partnerships with regional financing arrangements.\"\n    - \"Improve the predictability of systemic liquidity provision more generally.\"\n- Too few options for safe global assets to meet the demand\n  - Central question: how to diversify reserve assets.\n  - Options mentioned:\n    - Encourage greater international use of currencies other than the \"four currently in the SDR basket,\" including those of large dynamic emerging markets.\n    - Over the longer term, \"the SDR itself could play a greater role.\""
    },
    {
      "heading": "IMF responses, policy suggestions, and tools",
      "content": "- Strengthen multilateral cooperation and accountability to address imbalances.\n- Expand and refine surveillance instruments:\n  - Continue and build on the G20 Mutual Assessment Process.\n  - Use and develop the IMF’s \"spillover reports\" for major systemic economies.\n- Broaden policy toolkit for capital flow management:\n  - Treat capital controls as a conditional, circumscribed policy instrument—not a substitute for sound macroeconomic policies.\n- Reinforce global financial safety net and liquidity provision:\n  - Deepen partnerships with regional financing arrangements.\n  - Enhance predictability of systemic liquidity provision.\n- Diversify reserve asset options:\n  - Promote international use of additional currencies beyond the \"four currently in the SDR basket.\"\n  - Consider a larger role for the SDR over the longer term."
    },
    {
      "heading": "Role of Asia and the Nanjing meeting",
      "content": "- Asia's dynamism and recovery leadership were emphasized as critical to the global outlook.\n- The Nanjing meeting viewed as \"a useful step toward the international monetary system of the future.\"\n- Strengthening partnership between Asia and the IMF: described as \"a partnership that I firmly believe will continue to strengthen in the future.\"\n\nDominique Strauss-Kahn, March 31, 2011.\n\n---\n\n Content in this bundle\n\n- 南京研讨会与新的国际货币体系, 2011 年3 月31 日\n  - 南京研讨会与新的国际货币体系, 2011 年3 月31 日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 南京研讨会与新的国际货币体系, 2011 年3 月31 日 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- international monetary system\n- Nanjing\n\nSource: https://www.imf.org/en/blogs/articles/2011/03/31/new-international-monetary-system"
    }
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    "Authors: Dominique Strauss-Kahn",
    "Published: March 31, 2011",
    "Author and date: Dominique Strauss-Kahn, March 31, 2011.",
    "Occasion: High-level seminar in Nanjing on the international monetary system.",
    "Regional performance highlighted:",
    "Key concern: Sustaining recent progress amid overheating pressures and volatile capital inflows.",
    "Imbalances across and within countries",
    "No framework to oversee capital flows",
    "Inadequate global liquidity",
    "Too few options for safe global assets to meet the demand",
    "Strengthen multilateral cooperation and accountability to address imbalances.",
    "Expand and refine surveillance instruments:",
    "Broaden policy toolkit for capital flow management:",
    "Reinforce global financial safety net and liquidity provision:",
    "Diversify reserve asset options:",
    "Asia's dynamism and recovery leadership were emphasized as critical to the global outlook.",
    "The Nanjing meeting viewed as \"a useful step toward the international monetary system of the future.\"",
    "Strengthening partnership between Asia and the IMF: described as \"a partnership that I firmly believe will continue to strengthen in the future.\"",
    "**南京研讨会与新的国际货币体系, 2011 年3 月31 日**",
    "[international monetary system](http://blogs.imf.org/2011/02/10/stronger-financial-architecture/)",
    "[Nanjing](http://www.imf.org/external/np/speeches/2011/033111.htm)"
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