Cap a una nova arquitectura del sistema financer internacional

Abstract

The Bretton Woods agreements failed to resolve the question of the creation of international liquidity. It was the US balance of payments deficits that injected liquidity into the international payment system. As from the 1960s, a significant proportion of international liquidity separated itself from state control and embarked on its own path. Its increase and freedom led to various crises in the 1980s and 1990s. This situation resulted in the need being proposed to establish a new international financial architecture (NIFA), with little success. The current crisis has once again aroused interest in a NIFA for which little progress has been made at present, apart from some lines of consensus from a technical point of view albeit without political support for the time being. The clash between an Anglo-Saxon and European view, relatively opposing in terms of strict regulation, suggests that the progress of the latest NIFA will be slow and perhaps modest.