Bank of Canada paper urges reform to international monetary system


Increasingly flexible and more market-determined nominal and real exchange rates for all systemically important countries are needed to reform the international monetary system, according to a Bank of Canada paper published on Thursday.

The paper, which appears in the central bank's Autumn 2011 Review, and is co-authored by Eric Santor and Lawrence Schembri, argues that the lack of exchange rate adjustment not only led to the emergence of the substantial external imbalances in the US and China

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