For a New System of International Payments
27 Pages Posted: 29 Aug 2009
Date Written: August 29, 2009
World-wide economic turmoil and international uncertainty are threatening the development of our economies, and experts increasingly evoke the ghost of recession. The aim of this paper is to show that the present system of international payments is in a disarray, and that a reform is needed to replace it with a system respectful of the principles of money and banking. The reform advocated here calls for the institution of a world central bank designed to provide monetary stability without forcing countries to give up monetary sovereignty, and without the need for any kind of monetary policy intervention.
Keywords: Bank regulation, International monetary operations, International monetary economics
JEL Classification: B59, E42, F02, F33
Suggested Citation: Suggested Citation