The Role of Regional Integrations to Establish a Multilayered, Multilateral Monetary Governance

This note discusses a few steps that might be taken to give new momentum to multilateral governance and a multilayered economic policy structure worldwide, pending a major reform of the international monetary system. It highlights the key role that regional economic and monetary integration may play in this and stresses the role that European integration may have in providing a benchmark, for both its successes and failures, to other regional integration models. It further explores two concrete proposals: a) for a regional safety net in Central and Latin America; and b) for a development plan for Africa.