A Modest Proposal for the G20

Stiglitz, Joseph E.; Fitoussi, Jean-Paul; Gao, Haihong; Griffith-Jones, Stephany; Huang, Yiping; Kenen, Peter; Li, Jing; Ocampo, Jose A.; Reddy, Yaga Venugopal; Volz, Ulrich; Wade, Robert; Wei, Benhua; Williamson, John; Woo, Wing Thye; Xiao, Geng; Yongding, Yu; Zhang, Liqing; Andong, Zhu

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".



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Initiative for Policy Dialogue
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October 17, 2012