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The Ghost of Bancor : The Economic Crisis and Global Monetary Disorder – Speech of Tommaso Padoa-Schioppa
Speech at the Conference in Louvain-La-Neuve on 25 February 2010. “The deep causes of this crisis include the dollar policy and, in a broader sense, the monetary regime that has been in force in the world for almost 40 years.”
Speech at the Conference in Louvain-La-Neuve on 25 February 2010.
In this lecture I shall be addressing the monetary aspect of the present economic crisis. My argument can be summed up in the following few propositions. The deep causes of this crisis include the dollar policy and, in a broader sense, the monetary regime that has been in force in the world for almost 40 years. Like the Bretton Woods system, it is incapable of imparting an acceptable macro-economic discipline to the world’s economy because, being devoid of collectively accepted anchors, it encourages the persistence of unsustainable dynamics which spawn increasingly serious crises. Triffin’s criticism of an international monetary system based on an exclusively national monetary policy is still valid, although today it demands a broader formulation, capable of taking into account the exchange rate anarchy and a multiplicity of influential monetary policies. The issue of international monetary order is not being afforded due attention and it needs to be addressed. Paths of reform for the future are difficult to identify and even more difficult to pursue. That is precisely why it is urgent for the academic and scientific communities, and indeed for all of those who harbor concern for the future of the global economy, to explore them.
SUR LE MÊME THÈME
ON THE SAME THEME
PUBLICATIONS
The war in Ukraine:
what are the consequences for European organisations?
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After Brexit, euro-denominated derivatives transactions should leave the City
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The Euro as seen by citizens who do not yet have it
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MÉDIAS
MEDIAS
L’Irlandais Paschal Donohoe reconduit à la présidence de l’Eurogroupe
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Il y a vingt ans, l’arrivée des premiers euros
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« L’hétérogénéité croissante de la zone euro menace sa cohésion »
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ÉVÉNEMENTS
EVENTS
Paris, 12 April 2019 – Session no.6 of the Académie Notre Europe: economic and monetary Union
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/evenementbleu.png)
Berlin, 19 September 2018 – Making Europe’s Economic Union Work
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/evenementbleu.png)
Luxembourg, 20 June 2018 – The reform of the EMU: which social dimension?
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/evenementbleu.png)
Paris, 20 June 2018 – Future Europe
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Nicosia, 16 March 2018 – The political landscape of EMU reform
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Sofia, 9 March 2018 – The future of the EU budget
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Athens, 8 February 2018 – Athens’ days: Greece, paths for hope
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Bruxelles, 25 January 2018 – Academy study trip to Brussels
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/evenementbleu.png)
Paris, 8 December 2017 – Academy: Political and Social Europe
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/evenementbleu.png)
Barcelona, 22 September 2017 – After the crisis, a push forward for the eurozone
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Paris, 21 July 2017 – The future of the Eurozone and the Multiannual Financial Framework
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Rome, 20 March 2017 – Completing economic governance and enhancing social cohesion
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)
Lisbon, 24th January – High-level seminar on the future of the euro
![](https://institutdelors.eu/wp-content/themes/Avada-Child-Theme/images/interventionblanc.png)