There is an acute need for ambitious multilateral responses to the systemic crisis of international currency and finance. But does such a crisis not constitute an inevitable transition for allowing the redistribution of power and responsibility among declining and emerging powers? A multipolar world needs a strong multilateral base so as to make it economically more fair and effective and geopolitically more stable. China’s option will be decisive. The world is waiting for China.

* The contents of this Madariaga Paper formed the bulk of a speech delivered by Pierre Defraigne at a conference organised by The Triffin International Foundation to mark the 100th Anniversary of Robert Triffin. The conference, "The International Monetary System: Sustainability and Reform Proposals", was held at the Palais des Académies, Brussels from the 3rd to the 4th October, 2011.

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