Minilateralism and informality in international monetary cooperation

The 1970s marked the beginnings of a transition to a variegated system of international monetary governance that featured a mixture of multilateral and minilateral forums with both formal and informal characteristics. The emergence of two new forums for international cooperation – the Group of Five (G5) and Group of Seven (G7) – alongside the legacy organizations of the Bretton Woods conference represented a novel and unexpected development....