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A Rules-Based Cooperatively Managed International Monetary System for the Future

Oct 2015
Working Paper
559
John B. Taylor
This paper proposes a new reform for the international monetary system. It is based on the experience of the past thirty years and basic economic reasoning which indicate that a rules-based reform in each country will deliver performance akin to a rules-based international monetary system. The process of each country reporting on its monetary policy strategy and agreeing to commit to that strategy builds the foundation of the system. The proposal has the key prerequisites of a good, feasible reform: Each country can choose its own independent strategy, avoid interfering with the principles of free and open markets, and contribute to the common good of global stability and growth.
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