Abstract
The functioning of the international monetary system and the functioning of the international capital market, including the international banking system, are usually studied and commented upon separately. In fact their functioning overlaps; moreover this overlapping has increased substantially and become more complex since the demise of the Bretton Woods system and the rise in the price of oil in the 1970s. This paper begins by describing the essential characteristics of the Bretton Woods international monetary system and highlights its interdependence with the international banking system; suggests the fundamental factors underlying its breakdown in the late 1960s (culminating in formal abandonment in the summer of 1971); describes the impact of the OPEC oil price rise on the international monetary system and the functioning of the capital markets; and concludes with a review of the problems and dangers to the financial system that now exist.
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