Paul Volcker Calls for a New Bretton Woods Regime

"By now," Mr. Volcker said, "I think we can agree that the absence of an official, rules-based, cooperatively managed monetary system has not been a great success. In fact, international financial crises seem at least as frequent and more destructive in impeding economic stability and growth."...

Mr. Volcker made his remarks at the annual meeting of the Bretton Woods Committee, a nonpartisan organization that has been getting together since 1983. He did not call for a return to the Bretton Woods gold-exchange regime per se and only mentioned "gold" twice. But the title of the speech was "A New Bretton Woods???" Let's take those three question marks to mean that Mr. Volcker wants to put this question out there emphatically...