The global financial crisis of 2008–2009, the follow-on Great Recession and the euro area sovereign debt crisis have spurred renewed interest in reforming the international monetary system (IMS). On account of its sheer complexity, pervasiveness and persistence, the North Atlantic financial crisis of 2008 and its global after-effects have brought these issues to a head.

This paper attempts to evaluate the proposals on various facets of the IMS that are on the table, and to set out some responses that reflect an Indian and emerging and developing economy standpoint in the debate.

In December 2012, the Asian Development Bank, CIGI and the Hong Kong Institute for Monetary Research co-hosted a conference in Hong Kong, China. The papers in this series, authored by esteemed academic and policy experts, were presented at the conference and were subsequently revised. These working papers are being published simultaneously by all three partners.