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Outstanding current account surpluses in emerging countries have deeply modified the distribution of reserves around the world, as they currently hold 3/4 of the world reserves. Even though this is a vital advantage for these countries, they do not have unlimited room for manoeuvre as they are net importers of private capital. In any case, the international monetary system will have to adjust to these new conditions, at least by accepting a new redistribution of power among countries.Jacques de Larosière, former director of the French Treasury and former managing director of the International Monetary Fund, is a member of the Académie des sciences morales et politiques.