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Author:
Giovanni Battista Pittaluga, Department of Political Science, University of Genoa, Italy

The Genova Conference of 1922: A Reassessment after 100 Years

Volume 76 - Issue 4, November 2023
(pp. 567-596)
JEL classification: E42; F33; N14
Keywords: Genoa Conference; International Monetary System; International Relations

Abstract

At the Genoa Conference, the characteristics of the post-war international monetary order or Gold Exchange Standard were defined. This system, lasted for only a few years: from 1925 to 1931 and was followed by a period of sever monetary disorder, which only ended after the conclusion of the Second World War with the Bretton Woods Agreements.

The Gold Exchange Standard could have only function if there have been  a good level of cooperation between central banks. However, this latter, even if initially remained high, since 1927 it gradually diminished. This is not surprising. In fact, in the international multipolar equilibrium that emerged after World War I and the Treaty of Versailles cooperation was problematic since each country places great weight on the relative gains from cooperation for fear that another country might benefit more and eventually become a threat to its security.


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