The reconstruction of the International Financial Architecture: Keynes' revenge?

Faced with the gravity of the financial crises which occurred in Mexico and, above all, in Asia, the objective of the new financial architecture as defined by the G7 and the IMF is to control international financial instability. However, many questions remain. Is it merely a question of improving the transparency of information in order to encourage better financial practice or of introducing much stricter rules while accepting the principle of limiting the international mobility of capital? If such questions arise, it is because there is no theoretical consensus over the dysfunction that was observed on the international financial markets in the 1990s. Paradoxically, this leads us to reconsider the work and theoretical heritage left to us by Keynes. Discussions about international monetary and financial governance recall the debate raised by Keynes, first of all in his Treatise on Money, about improvements to the gold standard system, and then when preparing for the Bretton Woods Conference. Could this new financial architecture not be seen as Keynes' revenge? In fact, the new architecture is a working compromise which brings together neo-Keynesian and neo-liberal principles but which cannot fully answer the challenges of systemic risk.