Piffaretti, Nadia F.2012-03-192012-03-192009-08-01https://hdl.handle.net/10986/4228As the global economy undergoes profound changes, it is becoming apparent that the so-called "Revived Bretton Woods System" has increased the overall vulnerability of the global financial architecture. Therefore, it is worth revisiting the origins of the Bretton Woods conference, and pointing out the relevance for today s framework of Keynes original 1942 plan for an International Clearing Union. This note explores the main characteristics of Keynes' original plan, by revisiting his original writings between 1940 and 1944, and outlining its relevance to the current debate on the international financial architecture. The note suggests that reforms of the international financial architecture should include anchoring the international monetary system on sounder institutional ground.CC BY 3.0 IGOACCUMULATION OF RESERVESASSETSBALANCE OF PAYMENTSBALANCE-SHEETBANK MARKETBANK MARKETSBANK RUNBANKING INSTITUTIONBANKING PANICSBANKING STRUCTUREBANKING SYSTEMBANKING SYSTEMSBILATERAL TRADECAPITAL INFLOWSCENTRAL BANKCENTRAL BANKINGCENTRAL BANKSCLEARING HOUSESCLEARINGHOUSECOMMERCIAL BANKSCOMMODITIESCONFIDENCE-BUILDINGCOORDINATION FAILURECOORDINATION FAILURESCREDIT GROWTHCREDIT MARKETSCREDITORCREDITORSCREDITSCURRENT ACCOUNTCURRENT ACCOUNT DEFICITCURRENT ACCOUNT POSITIONCURRENT ACCOUNT SURPLUSDEBTDEBTORDEBTOR COUNTRIESDEBTOR COUNTRYDEBTORSDEBTSDEFICITSDEPOSITDEPOSIT INSURANCEDEPOSITSDEPRESSIONDEVELOPING COUNTRIESDEVELOPMENT CORPORATIONDOMESTIC CREDITDOMESTIC DEMANDDOMESTIC FINANCIAL SECTORDOMESTIC SAVINGECONOMIC ACTIVITYECONOMIC CRISISECONOMIC IMBALANCESECONOMIC SYSTEMEMERGING MARKETSEMPLOYMENTEQUALITYEQUILIBRIUMEURO ZONEEXCHANGE RATEEXCHANGE RATE FLEXIBILITYEXCHANGE RATE FLUCTUATIONEXPLOITATIONEXTERNAL DEFICITEXTERNAL POSITIONEXTERNAL TRADEFEDERAL RESERVEFEDERAL RESERVE BANKFINANCIAL ARCHITECTUREFINANCIAL CRISISFINANCIAL FRAGILITYFINANCIAL GLOBALIZATIONFINANCIAL INTERMEDIATIONFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL VULNERABILITIESFINANCIAL VULNERABILITYFINANCING FACILITYFISCAL DEFICITFIXED EXCHANGE RATESFLOW OF FUNDSFREE ASSETSGLOBAL ECONOMIC LANDSCAPEGLOBAL ECONOMYGLOBAL FINANCIAL SYSTEMGLOBAL IMBALANCESGLOBALIZATIONGOLDGOVERNMENT BONDSHOLDINGHOLDINGSHOME COUNTRYHOUSINGIMBALANCEIMBALANCESIMPORTIMPORTSINDEBTED HOUSEHOLDSINFLOWS OF CAPITALINSTRUMENTINTERBANK MARKETSINTEREST RATEINTERNAL FINANCINGINTERNAL SAVINGINTERNATIONAL BANKINTERNATIONAL BANKINGINTERNATIONAL CAPITALINTERNATIONAL CAPITAL FLOWSINTERNATIONAL CLEARINGINTERNATIONAL COOPERATIONINTERNATIONAL CURRENCYINTERNATIONAL DEBATEINTERNATIONAL ECONOMICSINTERNATIONAL FINANCIAL ARCHITECTUREINTERNATIONAL FINANCIAL CRISISINTERNATIONAL FINANCIAL SYSTEMINTERNATIONAL INVESTMENTINTERNATIONAL INVESTMENTSINTERNATIONAL MONETARY SYSTEMINTERNATIONAL MONETARY SYSTEMSINTERNATIONAL RESERVEINTERNATIONAL RESERVESINTERNATIONAL SETTLEMENTINTERNATIONAL TRADEINTERNATIONAL TRANSACTIONSISSUANCEKEY CURRENCIESKEY CURRENCYLEGAL TENDERLENDERLENDER OF LAST RESORTLEVERAGELEVYLIABILITYLIABILITY SIDELIQUIDITYLIQUIDITY ASSISTANCELIQUIDITY MANAGEMENTLONG-TERM INTERESTLONG-TERM INTEREST RATESLOW INTEREST RATESMARKET POWERMONETARY FUNDMONETARY POLICYMONETARY REFORMNATIONAL BONDSNATIONAL CURRENCIESNATURAL RESOURCESOVERDRAFTOVERDRAFT FACILITIESOVERDRAFTSPAYMENTS ARRANGEMENTSPAYMENTS IMBALANCESPENALTIESPRIVATE FINANCIAL INTERMEDIARIESPROPERTY MARKETSPUBLIC POLICYPURCHASING POWERREGIONALISMRESERVE ACCUMULATIONRESERVE BANK OF INDIARESERVE CURRENCYRESERVE FUNDRETURNSAFETY NETSAVINGSSECURITIESSETTLEMENTSHAREHOLDERSSOLVENCYSTOCK MARKETSSTOCKSSURPLUSSURPLUS COUNTRIESSURPLUS COUNTRYSURPLUSESSWAPSYSTEMIC RISKT-BILLSTRADE FLOWSTRADE SHOCKSTRADE SURPLUSTREASURIESTREASURYTREASURY BONDSUNIONVENTURE CAPITALISTVOLUME OF TRADEWORLD ECONOMYWorld Bank10.1596/1813-9450-5034