REFORMATION OF BRETTON WOODS: IMPROVEMENT OF GLOBAL REGULATION

Significance:

Inconsistency between the global monetary system, reproduction conditions and new configuration of forces in the world economy, gradual dollarization of the world economy and inept management of social reproduction proportions and in development of real and financial sectors, generating of speculative capital by financial markets are the main reasons of the current world financial crisis. The Bretton Woods system requires reformation to adjust its principles and mechanisms for new conditions: economic globalization, multipolar world, changed correlation of forces between leading world centers, regionalism and appearance of new currencies claiming the role of world money confirms the significance of the problem.

Key issues for discussion:

• Development of the global monetary system: problems and prospects;
• A role of International Financial Institutes in the global monetary system reforming;
• Current financial crisis and economic disequilibrium;
• New factors in the global monetary system reforming;
• World experience in monetary systems reforming – formation of regional monetary unions
• Concepts of the global monetary system reformation

Aim:

Discuss the necessity of the global financial architecture reformation and consider existing Projects on global monetary system reorganization

Tasks:

• Reveal main factors of the global financial architecture reformation;
• Determine significance of International Financial Institutes in the global monetary system reforming;
• Reveal key contradictions inherent in the current global monetary system
• Determine main principal approaches to the global monetary system reformation.

Supposed speakers:

• Christine Lagarde – Managing Director of the IMF;
• Bikas Joshi – a permanent representative of the IMF in the Russian Federation;
• Deepak Lal — Professor of International Development Studies at the University of California;
• Subramanyan A. – a researcherat Peterson Institute for International Economics;
• Alicia Garcia Herrero – Chief economist for Emerging Markets at BBVA;
• Soros G. - financier, investor, founder of G. Soros Fund;
• Stiglitz J. – a Nobel laureate in economics (2001) (USA)
• Krasavina L.N. – honored scientist of the Russian Federation, Doctor of Economics, Professor, Head of the Center on International Economic Relations Investigation of the Institute of Financial and Economic Researches, Financial University under the government of the Russian Federation;
• Lemeshenko P.S. – Candidate of Economics, Head of Department at Belarus State University (Belarus)
• Zhamishev B.B. – Candidate of Economics,the Minister of Finance of the Republic of Kazakhstan;
• Svyatov S. – Doctor of Economics, д.э.н., chairman of the board of directors at KazEU named after T. Ryskyulov (Kazakhstan)

Expected results:

Following the results of the panel session, the recommendations on the global monetary system reforming are supposed to be developed.