At the weekend Mr Lanovy rejected the Yavlinsky model as 'another effort to force upon us a single financial and monetary system'.

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Stiglitz was chair of the Commission on the Measurement of Economic Performance and Social Progress in 2008 and last year was appointed to the United Nations General Assembly as chair of the Commission of Experts on Reform of the International Financial and Monetary System.

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Since then, two of those countries, Latvia and Cyprus, have needed financial aid from the EU and International Monetary Fund, while Slovenia is restructuring its ailing banking system to avoid requesting a bailout.

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Righting them will require wholesale reform both of financial regulation and of the entire global monetary system.

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What they totally lacked was creativity in developing new financial systems that enhanced the status quo at the time and prevented the catastrophic failure of global monetary system.

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The post-1971 U.S. dollar-based monetary system permitted an explosion of credit, which naturally favored the credit industry directly, and the entire financial asset-holding investoriat, indirectly, at the expense of the middle and lower classes.

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With ECB President Mario Draghi and Fed Chairman Ben Bernanke in a monetary arms race to see who can inject more liquidity into the global financial system, global equity markets should enjoy a spectacular finish to the year.

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