Major financial crises in recent decades revealed that instruments to support crisis-struck countries and to overcome their indebtedness were woefully inadequate. José Antonio Ocampo, professor at Columbia University and co-director of the Central Bank of Colombia, delves into the necessary reforms that the global monetary system should undergo to play an active role in the twenty-first century in his new book, “Resetting the International Monetary (Non)System.” His basic diagnosis is that what we have today is an ad hoc framework rather than a coherent system—a “non-system”—which evolved after the breakdown of the original Bretton Woods arrangement in the early 1970s.
On April 17, the Global Economy and Development program at the Brookings Institution hosted a panel where Ocampo and other experts shared their insights regarding the global monetary system and the necessary reforms required to safeguard international liquidity and strengthen macroeconomic as well as international monetary cooperation.
Following the conversation, panelists took audience questions.
PresentationJosé Antonio Ocampo Chair - U.N. Committee for Development Policy, Professor and Director, Economic and Political Development Concentration, School for International and Public Affairs - Columbia University
PanelistJosé Antonio Ocampo Chair - U.N. Committee for Development Policy, Professor and Director, Economic and Political Development Concentration, School for International and Public Affairs - Columbia UniversityAlexandre Tombini Former Governor - Central Bank of Brazil, Executive Director for Brazil, Cabo Verde, Dominican Republic, Ecuador, Guyana, Haiti, Nicaragua, Panama, Suriname, Timor-Leste and Trinidad and Tobago - International Monetary Fund