Workshop "Crisis and Change in the Global Monetary System"

Date: from Wednesday 20 March 2013 to Wednesday 20 March 2013


Conference Room Dean John Vincke, Kortemeer 5, 9000 Gent

Download : workshop-global-monetary-system.pdf


This workshop brought together and facilitated dialogue between IPE scholars with an interest in the political economy of global monetary relations in general and the post-crisis transformation of the global monetary system in particular.

Themes of the workshop included, but were by no means restricted to:

  • the post-crisis dynamics and management of global imbalances
  • the global monetary implications of the unprecedented liquidity injections by the Federal Reserve and the ECB
  • global developments in the management of exchange rates
  • the US public debt dynamics and the Triffin Dilemma
  • the post-crisis role of the US economy as global consumer-of-last-resort
  • the global implications of Eurozone debt crisis and the reform of the EMU governance regime
  • the role of China and other potential issuers of reserve currencies

Over the past few years IPE scholars have examined the transformative implications of the global financial crisis for the global financial system. Yet, its consequences for change in the global monetary system have received much less scholarly attention. Nevertheless, the key role the escalation of global macroeconomic imbalances played in the development of the US housing bubble and the transmission of the US financial crisis to the rest of the global economy underscores the necessity of studying two particular dimensions of global monetary relations:

  1. the issue of shifts in the global distribution of monetary power
  2. the issue of global monetary governance in terms of mechanisms and/or rules for global adjustment, the provision of global liquidity and the maintenance of global confidence

Of particular interest for scholars of international monetary relations is the intersection of these two dimensions; that is, the question of how the very slow transition from a global currency system chiefly centered around the dollar towards an increasingly multipolar one will impact upon the rules and stability of the global monetary system.