The debate on a new global financial architecture took on a new twist at the 54th annual meeting of the World Bank and International Monetary Fund here this week, as senior finance officials and some bankers proposed introducing a system for managing foreign exchange fluctuations to help curb global economic volatility.

"The lesson emerging markets have learned from the most recent crisis is that when an emerging economy depends on another currency, and the exchange rate of that currency fluctuates, the result is chaos," said Toyoo Gyohten, senior adviser to the Bank of Tokyo-Mitsubishi Ltd. and president of the Institute of International Monetary Affairs, a Tokyo-based think tank.

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