Stiglitz Joseph E. author Columbia University. Business Columbia University. International and Public Affairs Columbia University. Economics Fitoussi Jean-Paul author Gao Haihong author Griffith-Jones Stephany author Columbia University. Initiative for Policy Dialogue Huang Yiping author Kenen Peter author Li Jing author Ocampo Jose A. author Columbia University. International and Public Affairs Reddy Yaga Venugopal author Volz Ulrich author Wade Robert author Wei Benhua author Williamson John author Woo Wing Thye author Xiao Geng author Yongding Yu author Zhang Liqing author Andong Zhu author Columbia University. Initiative for Policy Dialogue originator text Letters 2011 A group of international scholars and policy-makers met in Beijing on 18th of March 2011, to discuss reforms in the international monetary system. There is a general consensus that there is a need for fundamental reforms in that system, which, even if it has not caused recent imbalances and instability in the global economy, has certainly proved ineffective in addressing them. While such reforms will require extensive discussion and deliberation, the consensus of the Beijing Group was that there was a modest proposal which could be adopted this year by the G20: a limited expansion of the current SDR system. This modest proposal, while limited in scope, could be play an important role in initiating discussions of deeper reforms and which would, at the same time, make a modest contribution to restoring the world's fragile economy to health, helping to achieve the aim expressed in the G20 Pittsburgh declaration for a "strong, sustainable and balanced growth". Finance Economics