"Any idea is welcome, including ranges for exchange rates," said French Finance Minister Christine Lagarde in a recent interview with Der Spiegel. She was always careful with overly ambitious goals, "but if we get such a system and of posterity Bretton Woods II is known to me that be right. "It was the first time that a French government official, the word in his mouth again, took had been French President Sarkozy made 2009 in Davos to stir it but then again . pulled from the market had, in order not to provoke too much within the G20 resistance Bretton Woods II represents a fundamentally outdated international monetary system - a top priority on the French G20 agenda Just before the first meeting of finance ministers under the French presidency. which took place on Friday and Saturday in Paris, it does indeed not look like a big hit, this name would earn. Trendy more detailed work, as is the attempt to reach agreement on these indicative guidelines, should be used to identify imbalances in the external balance of the G20 member countries - a homework assignment, the finance ministers have inherited from the G20 summit in Seoul. A broad approach represents in this matter, the EU, which wants a set refers to indicators into account when imbalances are defined: the current account, the government deficit and debt, private debt, the savings rate, the international investment position, monetary reserves and the real effective exchange rate. Whereas for the EU Commission, the current account of central importance See, the Chinese government, especially the trade balance to measure global imbalances. The UN Conference on Trade and Development (UNCTAD) makes the other hand, for some time for the real effective exchange rate (REER) thick, which takes into account such factors as labor costs and productivity and is thus a more realistic picture than just external economic indicators ( >>> UNCTAD Policy Briefs 19 ).
An agreement on this issue would be of no evil, because this would be the prerequisite for surplus and deficit limits set acted beyond which would be (as proposed by U.S. Treasury Secretary Geithner ahead of Seoul). This would still not identical to the concept of exchange rate target zones, as it had developed a group of progressive economists by Oskar Lafontaine as finance minister in his time and could now come under a different guise dinner conversation. The reduction of exchange rate fluctuations is certainly in many ways a crucial question, also in view of a new international reserve system, where the Chinese currency renminbi and the IMF's artificial currency could participate in the Special Drawing Rights ( >>> W & E 02/2011: The IMF in international monetary system ). Since the trend is to a multi-polar currency system does not already reside, the influential U.S. economist Fred Bergsten the U.S. government proposes today before time, they should not carry and share the brakeman, but the trend with every effort. For if the loads are distributed equally among three global reserve currencies, that would be good for the dollar. 
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