I do not think that the “old Bretton Woods” can offer a viable arrangement for the 21st Century: fixed exchange rates are gone. And yet one must admit that freely floating exchange rates have not really helped the adjustment of global imbalances.
Regulators can certainly create an enabling environment but they need the agility and innovation of the private sector in order to succeed. As a regulator, we have walked the journey with various innovators who have fielded presentations, demonstrations, asked questions to ensure that the end product is safe, efficient and serves public needs.