@TechReport{CEPII:2011-04,
author={Agnès Bénassy-Quéré and Jean Pisani-Ferry},
title={What International Monetary System for a Fast-Changing World Economy?},
year=2011,
month=March,
institution={CEPII},
type={Working Papers},
url={https://www.cepii.fr/CEPII/fr/publications/wp/abstract.asp?NoDoc=3265},
number={2011-04},
abstract={Though the renminbi is not yet convertible, the international monetary regime has already started to move towards a 'multipolar' system, with the dollar, the Chinese currency and the euro as its key likely pillars. This shift corresponds to the long-term evolution of the balance of economic weight in the world economy. Such an evolution may mitigate some flaws of the present (non-) system, such as the rigidity of key exchange rates, the asymmetry of balanceof- payments adjustments or what remains of the Triffin dilemma. However it may exacerbate other problems, such as short-run exchange rate volatility or the scope for ‘currency wars’, while leaving key questions unresolved, such as the response to capital flows global liquidity provision. Hence, in itself, a multipolar regime can be both the best and the worst of all regimes. Which of these alternatives will materialise depends on the degree of cooperation within a multilateral framework.},
keywords={International monetary system ; Capital controls}
}