CIGI co-publishes paper series on ‘way forward’ for internationalization of Asian and BRICS’ currencies

News Release

June 14, 2013

Waterloo, Ontario – June 14, 2013 – Asian and BRICS’ nations’ growing economic weight and prominence in the G20 affords them a unique opportunity to play a constructive role in reforming the international monetary system (IMS), in key areas such as currency internationalization and orderly adjustment. These are among the conclusions of a new paper series co-published by the Asian Development Bank (ADB), The Centre for International Governance Innovation (CIGI) and the Hong Kong Institute for Monetary Research (HKIMR).

The 10 papers in The BRICS and Asia, Currency Internationalization and International Monetary Reform series, authored by esteemed academic and policy experts, are based on presentations at a conference in Hong Kong, China, which was co-hosted by the three partner organizations. The conference examined: a range of views on the fundamental systemic problems that are a catalyst for international monetary reforms; views from the BRICS and Asian countries, as well as regional considerations regarding the measures that key countries are already taking to respond to the challenges of the IMS, including currency internationalization; and options and preferences for orderly adjustment of the IMS.

The first four papers in the series are:

  • Global Turmoil: The International Monetary System Today
    Benjamin J. Cohen, Louis G. Lancaster Professor of International Political Economy at the University of California, Santa Barbara
  • Brazil: Policy Responses to the Global Crisis and the Challenges Ahead
    Monica Baumgarten de Bolle, director of the Institute for Economic Policy Studies (Instituto de Estudos de Politica Economica/Casa das Garcas)
  • A Practical Approach to International Monetary System Reform: Building Settlement Infrastructure for Regional Currencies
    Changyong Rhee, chief economist and officer-in-charge of the Office of Regional Economic Integration at the Asian Development Bank
    and Lea Sumulong, senior economics officer at the Economics and Research Department of the Asian Development Bank                                                                 
  • The Russian Federation: International Monetary Reform and Currency Internationalization
    Juliet Johnson
    , associate professor of political science at McGill University

The remaining six papers will be published in the coming months. For more information on The BRICS and Asia, Currency Internationalization and International Monetary Reform series, including free PDF downloads of each paper, please visit:

MEDIA CONTACT:           
Declan Kelly, Communications Specialist, CIGI
Tel: 519.885.2444, ext. 7356, Email: [email protected]  

The Centre for International Governance Innovation (CIGI) is an independent, non-partisan think tank on international governance. Led by experienced practitioners and distinguished academics, CIGI supports research, forms networks, advances policy debate and generates ideas for multilateral governance improvements. Conducting an active agenda of research, events and publications, CIGI’s interdisciplinary work includes collaboration with policy, business and academic communities around the world. CIGI was founded in 2001 by Jim Balsillie, then co-CEO of Research In Motion (BlackBerry), and collaborates with and gratefully acknowledges support from a number of strategic partners, in particular the Government of Canada and the Government of Ontario. For more information, please visit

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