The Future of the International Monetary System

With the current architecture of global monetary institutions and governance reaching crisis point, this book engages with the scholarly and policy debates that have emerged around alternative devices and structures for the management of the international economy.

The key question underpinning this edited volume is whether adjustments to the current global economic governance are enough or whether major reform is necessary, and in which direction, to avoid a crash of the system itself. Each contributor explores a specific area for possible adjustment or reform addressing key questions including: what is the future of the international economic and monetary system? What reforms are to be prioritized to steer the global economy through the challenges of the next decades? What are the necessary steps to be taken during the transition? How can theoretical and policy issues concerning the foundation of a more efficient, multi-layered system of governance be resolved?

The book will be of great interest to readers in international monetary systems, economic governance and international finance and banking more broadly.

1. A Chance for Change Part I: The Challenges of Global Economic Governance 2.Overdue Reform of the International Monetary SystemMichel 3.The Economics of Interdependence and Multilayered Governance 4.The Governance of the Bretton Woods Institutions: Time for a Change?Part II: Regional and Global Multilayered Integration 5.The International Role of the Euro and the Evolution of the Global Monetary System 6.Trump’s dollar policy and the worsening of global liquidity instability: a proposal for a Regional Coalition’s Response Paving the Way to Rebuilding the International Monetary System 7.The Tokenization of Money: Possible Impacts on the International Monetary System 8.Outlining a Monetary System in Turbulent Times 9.The International Monetary System and the Developing World Part III: Financing Global Public Goods: The Green Transition 10.Is the International Monetary and Financial System fit for the Financing of the Ecological Transition? 11.The Use of Global Reserves for Development 12.Challenges for Reforming the International Monetary System 13.The Crisis of the Yalta Order, Bretton Woods, and Multilateralism 14.Green Marshallplan for emerging and developing countries by China, EU and UK instead of USA

Fabio Masini is Professor of Theories and History of International Political Economy and Jean Monnet Chair of European Economic Governance at the University of Roma Tre. He is Secretary General of Robert Triffin International and Director of the Master in The Economics of Interdependence. His main areas of research concern the economics of regional and global monetary integration and governance. He recently edited, with Atish R. Ghosh, International Economic and Monetary Architecture at the Crossroads. Bretton Woods at 80 (2025).

Bernard Snoy et d’Oppuers is a Belgian economist, PhD from Harvard University. He is currently visiting Professor at the Institute of European Studies at the Catholic University of Louvain (UCL). He has spent most of his career working with European and international organizations. The positions he held include Executive Director of the World Bank and of the European Bank for Reconstruction and Development and, more recently, Coordinator of the economic and environmental activities of the Organization for Security and Cooperation in Europe. He is Chair of Robert Triffin International.