“Abandonment of the convertibility of dollars into gold led to two parallel processes to reform the international monetary system.
The first was the attempt to reconstruct a system of
exchange rate parities among major currencies. The second was comprehensive
negotiations to design a new international monetary system.
The first took place in the context of the G10 and the
second in the context of the IMF, in the Committee of Twenty (C20) that was
created for that purpose.
Both failed, and the result was a de facto transition
to what can be adequately characterized as an ‘ad hoc non-system’.” J.A Ocampo,
“Resetting the International Monetary (Non)System”, OUP, 2017.
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