There have been a number of proposals, of varying degree of practicality, about how best to deal with the problem of foreign currency instability. The reintroduction of capital controls, controls on foreign borrowing, improved accountancy and less cronyism on emerging markets, a tax on capital inflows into emerging markets, a tax on foreign exchange transactions, controls on hedge funds, the reform of the International Monetary Fund so it can perform effectively the function of the lender of the last resort, and even the establishment of a world central bank are among the ideas floated by policymakers who appeared wrong-footed by the unexpected appearance of world financial crisis. Dominique Strauss-Kahn, the French finance minister, has called for the construction of a “new Bretton Woods.”

According to the text, the proposals to deal with the problem of foreign currency instability

Item 4 - include the reenactment of certain Bretton Woods’ clauses, e.g., the fixed exchange rates regimen.