The international framework These and other reforms to resolve global imbalances can be achieved more easily if we also reform the financial institutions that oversee the world economy. I mentioned the Bretton Woods conference 60 years ago that created an international monetary order to help repair the damage of the Great Depression and the Second World War.
The advantages of these inflows were significant: they allowed the South African Reserve Bank to restore a fragile foreign exchange reserves position to a more healthy one, they helped the country to finance its current account deficit, to build infrastructure, to boost economic growth and to increase employment.