The new international financial architecture : international political economy and procedural rules

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The objective of the new architecture of the international financial system is to master the international financial instability, by improving the transparency and the supervision of markets, and by arousing a greater sense of responsibility in the prevention and management of crises in private and public actors. However, it is more of a pragmatic response financial instability rather than an institutional evolution with regards to modes of international monetary and financial governance. The ambition to consolidate the international financial architecture marks already a real change of doctrine, close to a new neo-liberal compromise and partially nearing the postwar period embedded with liberalism. On the other hand, this compromise appears both ambiguous and unfinished, as much in its foundation as in its functioning, therefor the object of this analysis is to define the political economy of this architecture. – Summary AFRI-2001