In essence, the Bretton Woods system was based on three main pillars: (i) a stability-oriented anchor for macroeconomic policies, operating through the par-value regime for member currencies in terms of gold and the US dollar; (ii) an obligation to maintain freedom from restrictions for trade and other current international transactions; (iii) the possibility of introducing restrictions on capital movements for restoring equilibrium in the balance of payments.
These and other aspects will need to continue to be assessed as the Regulatory Technical Standards become available in the coming months. A new frontier for EU-wide transparency: NPL register Looking ahead, a new frontier for having more transparency in the form of loan-level data could emerge.