Reform of the world’s monetary system is badly needed.

Witness the Asian financial crisis of 1997 and the more recent economic meltdown in Argentina. The onward march of globalization and the emergence of the East Asian economies underscore the need for reform for the future.

But what needs to be done? And how far should these reforms go?

The agenda for reform is still taking shape and a year-long series of public-private roundtables begins in Rome on Thursday 22 July 2004. (read this press release)

The meeting marks the 60th anniversary of the Bretton Woods Conference that created the International Monetary Fund (IMF) and the World Bank.

These two institutions have been on the receiving end of some tough criticism – for example where the IMF’s governance system is concerned, it has been suggested that the US has a disproportionately large influence on IMF policymaking. Can we expect the US to initiate real reform of the IMF?

So here we go with a first step in Rome where finance leaders from G-7 and other countries, academics and experts will tackle issues like crisis prevention and how to integrate emerging economies in a new global monetary order.

There have been enough currency crises and economic meltdowns to impress on our leaders that now is the time for reform.