RTFA: http://money.cnn.com/2008/11/15/news/economy/g20_m…

Remembering Bretton Woods

With the crisis showing no signs of abating, several leaders have been trying to advance an agenda for the talks, which some observers have referred to as “Bretton Woods II” – a nod to a similar global economic summit held in July 1944 to reverse some of the painful trade and foreign exchange policies enacted in the wake of the Great Depression.

There have been calls, for example, to create a global accounting standard to replace the current mark-to-market standard, which some have blamed for the billions of dollars of losses suffered by banks.

Credit rating agencies and hedge funds have also become a target. French President Nicholas Sarkozy, who has embraced a hard-line approach toward regulation, has publicly said he is in favor of greater oversight of both industries.

And there has also been speculation that additional countries could enact economic stimulus packages of their own in the wake of the talks.

One underlying fear that President Bush attempted to address in recent days, including in an op-ed piece he wrote in Saturday’s edition of The Wall Street Journal, is rising protectionism.

There is concern that some countries could levy harsh tariffs on imports to prop up their ailing economies, or that some governments could try to restrict capital flows, which spelled disaster for many emerging economies as the crisis gained momentum.

But what is expected to remain front and center is the subject of regulation and how to best modernize the global financial system for the 21st century.

One approach could involve granting greater powers to the Financial Stability Forum, which represents central bankers and regulators, or the International Monetary Fund, which has played a large role in recent weeks helping to bail out struggling countries.

From CNN, a brief introduction to the meetings today.

…a continuation of the RTFA Bretton Woods II Series.