La Nouvelle architecture financiere: gouvernance globale ou regime international?

In: Études internationales: revue trimestrielle, Band 33, Heft 2, S. 217-246

Abstract

The dramatic increase of exchange crisis during the 1990s & the apparent instability of the international financial system provide food for plans about a new financial "architecture." States & international institutions stayed in the background concerning the idea to conceive this architecture on the basis of constraining rules &, until now, supported neoliberal initiatives. This paper focuses on two matters: (1) factors explaining why the international financial system is, at the moment, anarchic; & (2) a theoretical perspective of the projects now under discussion from a framework based on the opposition between "global governance" & "international regime." The analysis shows that historical trends pushed the world economy in the way of market regulation & not in the way of an "international regime" in the financial domain. But this conclusion could be wrong, because the 11 Sept 2001 tragic events might induce states & international institutions to take a new strategic position on the basis of international considerations & a better evaluation of their economic interests. 1 Figure. Adapted from the source document.