{"id":3843,"date":"2022-02-01T17:12:34","date_gmt":"2022-02-01T15:12:34","guid":{"rendered":"https:\/\/www.obsfin.ch\/?page_id=3843"},"modified":"2022-03-28T13:14:45","modified_gmt":"2022-03-28T11:14:45","slug":"1971-2021","status":"publish","type":"page","link":"https:\/\/www.obsfin.ch\/fr\/1971-2021\/","title":{"rendered":"1971-2021"},"content":{"rendered":"\n\n\n
\"\"<\/td>\n\"\"<\/td>\n\"\"<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A series of four panel discussions<\/span><\/span><\/strong><\/h1>\n

1971 \u2013 2021<\/span>
\n50 Years of Flexible Exchange Rates:<\/span>
\nreasons, lessons and perspectives<\/span><\/h1>\n

 <\/p>\n

This year marks the 50th anniversary of the end of the Bretton Woods system and the move to flexible exchange rates. Such a juncture invites us to reflect on the consequences \u2013 the long-term dynamics and processes still shaping our world \u2013 and confronts us with the challenges ahead for the global monetary and financial system.<\/p>\n

Three Geneva based institutions (Graduate Institute, Observatoire de la Finance & the International Center for Monetary and Banking Studies) are jointly organizing a series of panel discussions on Zoom in March 2022, with sessions each Tuesday at 6pm CET. Four are planned (March 1, 8, 15, and 22) with details provided below.<\/p>\n

 <\/p>\n

<\/h2>\n

An abrupt move to a new era<\/span><\/strong><\/h2>\n

In August 1971, President Nixon announced the suspension of the gold convertibility of the dollar after a three-day confidential meeting at Camp David with his closest aides. The decision was motivated not only by internal economic concerns, but also a desire to protect the central role of the dollar in the world economy. Despite attempts to contain the damage to international monetary stability, the final collapse of the Bretton Woods system would follow two years later. Nixon\u2019s decision opened the era of flexible exchange rates, tossing policy makers into unfamiliar new territory.<\/p>\n

Seen from today\u2019s perspective, the decision fundamentally changed economic and monetary arrangements worldwide. Central banks had to find new foundations for their policies. New spaces opened for private actors and financial innovation surged, subsequently leading to the creation of new markets and instruments. Modern international finance and the process of financialization are the most evident, if unanticipated, consequences of this decision.<\/p>\n

Flexible exchange rates were supposed to expand the toolbox of policy makers and free them from outside constraints, giving them greater autonomy to focus on their countries\u2019 needs. Did this promise materialize? The era of flexible rates did not mark the end of balance of payments disequilibria, nor financial crises. To cope, public policies have evolved and policy makers are constantly looking for better tools.<\/p>\n

The shift also impacted the economics profession and research agendas in universities, banks, and public institutions. New problems, new theories, and even new disciplines \u2013 such as international finance \u2013 have emerged to align with new realities.<\/p>\n

Fifty years later, the world is still looking to deliver economic, financial, and political stability. What lessons and what perspectives can we draw for shaping a better and more sustainable future? Is it possible to envisage a set of policies and institutions consistent with a more resilient and harmonious international monetary and financial system?<\/p>\n

No fewer than 20 world-class experts will share their thoughts, recollections, and concerns with us in four panels:<\/p>\n

 <\/p>\n

Organizing committee<\/span> <\/strong><\/h2>\n
    \n
  • Paul Dembinski (Observatoire de la Finance & University of Fribourg),<\/li>\n
  • Ugo Panizza (Geneve Graduate Institute & ICMB),<\/li>\n
  • Alexandre Swoboda (Geneva Graduate Institute),<\/li>\n
  • C\u00e9dric Tille (Geneva Graduate Institute).<\/li>\n<\/ul>\n

     <\/p>\n

    Programme<\/span><\/strong><\/h2>\n

    Session 1, March 1 2022 (6 PM, CET): What happened, when, and why? How did decision makers perceive the situation?<\/strong><\/span><\/h3>\n\n\n\n
    Introductory remarks, Ugo Panizza, Geneva Graduate Institute & ICMB<\/p>\n
      \n
    • Moderator: Rui Esteves, Geneva Graduate Institute<\/li>\n
    • Jacques de Larosi\u00e8re, former Managing Director of IMF<\/li>\n
    • Barry Eichengreen, University of California Berkeley<\/li>\n
    • Catherine Schenk, Oxford University<\/li>\n
    • Harold James, Princeton University<\/li>\n<\/ul>\n<\/td>\n