The New Financial Architecture and the Structuring of the European Financial State

Iskra Balkanska

Economic Studies journal, 2002, issue 1, 60-88

Abstract: The international financial system will not evaluate on the model of the Bretton Woods monetary system, because it depends of the totally different economic and financial conditions, linked with the processes of the globalization. The projects for a new financial architecture are not systematic and ordered, and there are not a lot of practical application?, because of the differences in the economic and financial interests of the three centers - USA, Europe and Japan. Generally, the new financial architecture is evaluating in three directions. The first one is linked, especially after the financial crises of the nineties, with the regulation of the fixed exchange rate, the free movement of capitals and the autonomy of the monetary policies. The second direction lay on the introduction on some order in the free movement of capitals between the financial markets. The third one is the structuring of regional monetary union like the European financial space - the result of the long-dating efforts of the adaptation of the financial systems of the EU countries. The acceptance of the Euro increases the integration of the monetary and capital markets and adds for the entirely structuring of the European financial space. It is possible in the future to be formed three monetary zones of currency influence, in which the Euro, the dollar and the yen will play a principal role. Bearing in mind that smooth rules of behavior will be negotiated between the three zones of currency influence, we can await that the international monetary system will adapt to the changes in the international trade and payments.

Date: 2002
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