And this time we will need to reconvene Bretton Woods. The challenge we face is as big as that in 1944: we have a broken system and a need to build afresh. We have to ensure we get it right. The re-emergence of neoliberalism so soon after 2008 has plunged us into the current crisis. Surely it’s time to move on collectively and start without the encumbrance of that failed thinking?
So, a crisis caused by a fixed exchange rate regime is going to be solved by imposing a fixed exchange rate scheme is it?
Mind, boggle, etc.