During the first week the structure of the course and the basic concepts of international financial organisation will be introduced. The history of the complex intertwinement of finance, trade, commerce and politics will be introduced using the example of the “Petrodollar”.

Until the XVth century economies were largely local. Over time these local financial systems have been gradually integrating into the current global financial system. In order to understand the current international system one needs to understand how domestic financial systems function.

The development of the current international financial system has been driven by the need for multinational corporations to securely conduct business transnationally and the states' need to integrate international business into their economic policies. In this session we shall see how these micro- and macro-economic forces have shaped the current international financial system.

The international financial system does not function in a vacuum. We have seen that there exists a demand for international financial institutions emanating from countries, multinational firms and individuals. This week will cover the key political and economic challenges confronting the establishment and maintenance of international financial institutions: growth, stability, economic development, global public goods. Political and ethical issues are influencing its development. In this session we shall have a closer look at the institutional and macro-economic context in which the international financial system is operating.

Just as the international financial system is an evolving concept, so is money. If we are to understand the current system and it's future challenges, we need to grasp the nature of it's underlying monetary regime and banking system.

Gold has historically had two main functions: as a means of international settlement and as a hedge against inflation. The Gold Standard has gradually been replaced by the current “fiat” money system supported by a network of central banks.

The Bank for International Settlements (BIS) s the oldest international financial institution still functioning, yet the world leaders did not select this institution to organise the post-WWII international financial system. During this session we shall see why and explore the road that lead to the Bretton Woods conference.

At the end of the second world conflict the triumphant Allies considered the political and economic structure of the post-war world governance. This resulted in the establishment of the United Nation and of the “Bretton Woods institutions”.

As trade and monetary policy are intimately linked the need to govern commercial transactions globally was initially embodied in the GATT. As the GATT gradually transformed into the WTO, this institution is currently in charge of policing protectionism and of arbitraging trade conflicts between nation states.

The WB's goal is the reduction of poverty through the the promotion of foreign investment and international trade and to the facilitation of capital investment.

The IMF is arguably the most powerful and probably the most criticised of the three Bretton Woods institutions. It was principally founded to promote currency exchange stability and to make resources available to members experiencing balance-of-payments difficulties.

The OECDs is what one could call an “international institutional think-thank”. It's goal is to shape policies that foster prosperity, equality, opportunity and well-being for all by providing knowledge and advice to inform better policies.

The international financial system is also steered via less formalised processes. Leader use these informal platforms to discuss issues at the occasion of unofficial encounters which allows them to evaluate their respective stance on topics of international governance.

2020 has been the year in which the long term consequences of 50 years of fiat monetarism, 40 years of globalisation of financial markets and of the 2008 financial crisis have become a threat to the the current international financial system. It has been the year in which the IMF has called for a “New Bretton Woods”, the WEF has formalised it's plans for a “Great Reset”, nearly all central banks have been working on CBDCs and, in which bitcoin has been vindicated. This session will consider the possible developments of the international financial system in the coming decade.