By Michael D. Bordo, Barry Eichengreen
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Extra info for A Retrospective on the Bretton Woods system
Long-term measures not only must be designed to make another recurrence less likely, but they also must ensure sustainable financing to strengthen the policy response of developing countries. Any inclusive global response will require the participation of the entire international community. To respond to this need, the President of the General Assembly created the present Commission of Experts to identify measures needed to respond to the crisis and to recommend longer-term reforms, paying explicit attention to the needs of developing countries.
Working committees, with representative membership chosen by democratic selection mechanisms and with equitable representativeness, could be limited to a size that would ensure effective decision making and yet also ensure that a wide variety of voices and perspectives are taken into account. The fact that all existing democracies have been able to achieve satisfactory solutions to these problems suggests that they are not irresolvable. POLICY RESPONSES TO THE CRISIS Sustainable responses to the crisis require identifying the factors underlying the crisis and the reasons for its rapid spread around the world.
In addition, some countries had adopted exchange rate stabilization as part of their policies to ensure external balance and stability; some of these countries built up substantial reserves as a result of attempts to prevent exchange rate appreciation, with its adverse effects on economic development (as discussed further in Chapter 5). Moreover, many developing countries, especially those deriving export incomes from the sale of primary commodities, benefited from rising prices due to rising global growth that accompanied the credit expansion before the crisis.