The decentralised global monetary system requires an efficient safety net

The international financial and monetary system currently has a decentralised structure and is vulnerable to crisis and contagion between countries. This calls for a global financial safety net that allows individual countries and the global economy to manage crises effectively. International reserves are currently the most important part of this net, and swap arrangements between central banks have experienced a renaissance as a crisis instrument. However, this gives the systemically relevant emerging market economies only inadequate protection.

The decentralised global monetary system requires an efficient safety net(PDF, 85 KB, non-accessible)