Liquidity provision focus for new international reform plan

The authors of a new Centre for Economic Policy Research report hammered the current international monetary system, calling it a "non-system" that has "emerged from the ashes of the Bretton Woods system".

In the report, published on Monday, Emmanuel Farhi, a professor of economics at Harvard University, and Hélène Rey, a professor of economics at London Business School, made four recommendations in Reforming the International Monetary System.

The first was to develop alternatives to US