Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/201766
Authors: 
Kregel, Jan A.
Year of Publication: 
2017
Series/Report no.: 
Public Policy Brief 144
Abstract: 
In light of the problems besetting the eurozone, this policy brief examines the contributions of John Maynard Keynes and Richard Kahn to early debates over the design of the postwar international financial system. Their critical engagement with the early policy challenges associated with managing international settlements offers a perspective from which to analyze the flaws in the current euro-based financial system, and Keynes's clearing union proposal offers a template for a better approach. A system of regional federations employing a clearing system in which members either retained their own currency or used a common currency as a unit of account in registering debits and credits for settlement purposes would preserve domestic policy independence and retain regional diversity.
Subjects: 
Banking principle
Bretton Woods
Clearing union
Creditor countries
Debtor countries
Euro
Eurozone
Gold standard
John Maynard Keynes
ISBN: 
978-1-936192-56-4
Document Type: 
Research Report

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