Which of the proposals for international reform do you think is most important, and why? You may choose to rank them hierarchically if you desire. Argue for your choice in light of the strengths and weaknesses of alternative proposals. Argue for your choice in terms of what you think is the most relevant cause of international BOP crises. Address the economic significance of your choice as well as its political feasibility. Demonstrate knowledge of past crises in the process of composing your essay.

Here is a non-exhaustive list of reforms to get you started: International Lender of Last Resort, Supra-national currency (bancor), Tobin Tax, capital controls, Banking regulation and supervision (domestic level, international level).