On September 26, 2008, French president, Nicolas Sarkozy, said, “we must rethink the financial system from scratch, as at Bretton Woods.” I must admit lab at the time I did not understand his reference to “Bretton Woods” and if you find yourself also in that same space it maybe good to familiarize yourself with what has been called the Bretton Woods system.
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world’s major industrial states in the mid 20th century. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states.
Just over a week ago a surprising (to me) voice entered the the dialogue of rethinking our international financial systems. What was surprising was not that the Pontifical Council for Justice and Peace (Vatican City) had something to say but how I found it to be a very useful/helpful reflection. I encourage you to consider listening to a short explanation of the paper or download the paper on the reform of the international financial and monetary systems in the context of global public authority, released by the Pontifical Council for Justice and Peace.