Italy says new Bretton Woods should look at forex

BRUSSELS (Reuters) - A proposed reform of the world's financial institutions should "reopen the debate on foreign exchange" and the role of the dollar, Italian Economy Minister Giulio Tremonti said on Wednesday.

Tremonti has said Italy, which takes over the presidency of the Group of Seven rich powers in January, will propose a reform of the Bretton Woods institutions to avoid a repetition of the recent market turmoil.

At a press conference in Brussels on the sidelines of an EU summit, Tremonti said such a reform would involve a review of rules on international trade, foreign exchange and capital movements.

"Today the dollar is the currency of Bretton Woods, but now it could be that there will be other combinations. The debate on foreign exchange is being reopened," he said.

(Reporting by Francesco Guarascio)