I will first talk about the main changes in the international monetary system and then comment on the institutional set-up of the international system, before touching upon reform efforts in the area of crisis prevention and resolution.
1.  International monetary system  Looking at the international monetary system, some say that since the collapse of the Bretton Woods system of fixed exchange rates in the early 1970s, there has basically been no system in place. The current situation of manifold monetary arrangements is sometimes characterised as a “non-system”. In my view, this is not true.