Alternatives for the establishment of a new international financial architecture from the West: a case study France

Bismario Saldiña Silvera and Emily Puisseaux Moreno

Management (Montevideo), 2024, vol. 1, 44

Abstract: After World War II, the United States became the world's strongest economy. As a result of the Bretton Woods agreements, the dollar was imposed as the world's currency exchange and a whole financial architecture that favored its national interests. However, in 1971, it broke the foundations of the agreement leading to a reconfiguration of the international financial architecture and the beginning of a new era featured by high volatility, instability, and recurrent systemic and financial crises. Thus, in the face of the existing antiquated and unjust financial structures, some steps were taken in the West to reshape them, with France attempting to lead the changes with proposals for the establishment of a new international financial order. In this context, this research evaluated the alternatives for establishing a new international financial architecture from the West focusing on the case study of France. As a result, it was noted that it is precisely this European country that has sought to drive in recent years changes to the international financial agenda through meetings of the G7, G20 and other forums such as the recent Summit for a New International Financial Pact; and thus, the alternatives for establishing a new international financial architecture from the West have been essentially based on the introduction of reforms to its main institutions, and less on a proposal for structural and systemic transformation

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:dbk:manage:v:1:y:2024:i::p:44:id:1062486agma202344

DOI: 10.62486/agma202344

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