Globalization is producing in-depth changes in international monetary and financial relations. A new International Monetary System is emerging, which is strongly integrated on a Worldwide scale and dominated by private financial markets. In other words, as a consequence of this globalization process, the spirit of Bretton Woods has been forsaken. In this new IMS, emerging markets adopting a liberalization of capital account process have been hit by banking and monetary crises. Is this new instability era irreversible? Is it possible to come back not to the Bretton Woods agreements, but to the spirit of Bretton Woods? What is the right way to move to it? Why is this trail so steep? This paper advances some propositions about the kind of institutional framework suitable to stabilize induced by the global monetary and financial system. In the light of the diagnostic of recurrent monetary crises, the limits of the new architecture proposed by the IMF are stressed. We suggest another answer based on rules assigned to produce a public good: the global monetary and financial stability.