Recurrent instability has characterized the global financial system since the 1980s, eventually leading to the current global financial crisis. This instability and the resultant disruptions - sovereign debt defaults, exchange rate misalignments, financial market illiquidity and asset price...

The Central Bank Governors' Symposium 2002 examined the architecture of the world's financial system. Horst Koehler, Managing Director of the IMF, and the Bank of England's two Deputy Governors at the time, David Clementi and Mervyn King, gave the main addresses. This article summarises what...

This paper puts forward a proposal to help monetary policies confront the challenge of the "normalisation" of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue that...