Bretton Woods is not the cure for today's ills.(Business Report)

The Star (South Africa) | October 27, 2008 | Copyright

"Perhaps what we need is to go back to the first Bretton Woods, to go back to discipline," European Central Bank president Jean-Claude Trichet said on October 14. "It's absolutely clear that financial markets need discipline: macroeconomic discipline, monetary discipline, market discipline."

UK Prime Minister Gordon Brown said a day earlier: "The global financial system is too clouded with opacity, conflicts of interest, irresponsible risk taking ... We must build a new Bretton Woods, a new financial architecture."

Sorry, guys. While the global financial ...

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