Reform of the international monetary system – The Triffin dilemma revisited

Quite an intersting speech about the Triffin dilemma. By Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, 3 October 2011:

The Triffin dilemma revisited

In a nutshell: Smaghi explanis the importance of the Triffin dilemma in regards to a possible redesign of our international monetary system and is pointing towards Keynes’ Bancor as a possible escape from the Triffin dilemma.

Smaghi’s speech is reminiscent of the speech of Zhou Xiaochuan (Governor of the The People‘s Bank of China) who in March 2009 was coming to very similar conclusions:

Reform the international monetary system

If you want to know more about the Triffin dilemma, you should definitely read his book:

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