The Decline of Sterling: Managing the Retreat of an International Currency, 1945–1992

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The IMF promotes international collaboration on international monetary issues. Schenk's research influenced the IMF's position regarding its policy on reform of exchange rate regimes and the international monetary system.

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In particular, Schenk's finding that, in the past, the transition between international currencies e. Three of Schenk's research outputs are cited in the IMF's final paper on these matters [3]. Schenk's work - with which we were very pleased — was directly relevant to, and had an appreciable impact on thinking about, issues related to the stability of the international monetary system Schenk presented her findings to c.

Further evidence of the impact of Schenk's research on the international monetary system is found in her contribution to the Chatham House Taskforce on international monetary reform.

In , amid growing concerns around the global economic imbalances heightened by the international financial crisis, Chatham House one of the world's leading think tanks with links to governments, policy-makers, politicians and business, brought together a Taskforce of experts to examine the potential for international monetary reform. Schenk's research insights on the historical transition from sterling to the dollar as the international reserve currency informed the Taskforce's discussions about the limited viability of short-term options for international monetary reform.

G20 is the forum for international cooperation on global economic and financial issues. The leaders of the G20 countries hold summits at least annually and, at times, more frequently.

When France took over as chair of the G20 in , France's then-President Nicholas Sarkozy put reform of the international monetary system at the top of his agenda. Schenk was invited to provide expert advice by the International Monetary Fund and for preparations for the G20 French Presidency.

She also presented her research at two preparatory summit meetings in Beijing September and Paris December where her paper addressed two key questions: How Have Multiple Reserve Currencies Functioned in the Past?

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In her submissions to the preparatory summits, Schenk drew on her research on international reserve currencies, outlined above at Section 2 , to advise why the proposals under consideration relating to a Substitution Account and Multiple Reserve Currencies had been examined in the s and s and rejected.

Schenk's position was that this reduced the prospects for the successful implementation of such proposals as a response to the current international financial crisis.

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France did not pursue international monetary reform during its Presidency this decision was due, in part, to the onset of the Eurozone crisis. In Chatham House, set up a Global Taskforce to assess what role, if any, gold could play in the international monetary system in the wake of the economic crisis. The Taskforce, of which Schenk was an invited member, comprised 11 experts from the UK and abroad representing a range of opinions and backgrounds. Despite gold's positive attributes, the evidence which emerged from the Taskforce's deliberations led to the conclusion that, in today's world, there is little scope for gold to play a more formal role in the international monetary system.

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The findings of the Taskforce culminated in a Chatham House Report, within which Schenk's research is widely cited, and Schenk was one of three panellists at the public launch of the report at Chatham House. The report was published in hard copy in February and on the Chatham House website [7]. Unable to display preview. Download preview PDF. Skip to main content. Advertisement Hide. This process is experimental and the keywords may be updated as the learning algorithm improves. This is a preview of subscription content, log in to check access. CrossRef Google Scholar.

International Economic Relations since 1945

Google Scholar. For the development of Euroscepticism, and division over Europe, see, for example, Howe, Conflict of Loyalty , pp. Ludlam, and M.

Europe Market Open: Dollar trying to recover, Sterling shines, big events ahead

Smith eds Contemporary British Conservatism Basingstoke, Others who took a similar line included Shore and Jay. Seldon and S. See Peter Blaker et al. European Commission, The Spectator , Editorial, London, CPS, p.

The Saturday Economist, The Great Devaluation Myth, UK and Sterling

Douglas Hurd, Memoirs London, , paperback edn p. For a flavour, see Samuel Brittan, Roger Middleton ed.

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  • The Decline of Sterling: Managing the Retreat of an International Currency, 1945-1992.

See A. Thirlwall and H.