Rethinking the international monetary and financial architecture

Sergio Rossi

Chapter 16 in A Modern Guide to Rethinking Economics, 2017, pp 302-318 from Edward Elgar Publishing

Abstract: The origin of the 2008 financial crisis can be found in the architecture of domestic payment systems, which are also used for international settlements despite the purely accounting nature of bank money. This chapter will discuss the essential principles of the necessary reform of the current international payment system, which must ensure the emission of a purely scriptural money reserved for national central banks, for the final payment of all transactions involving two separate currency areas. Here we explain that only a supranational currency will guarantee national and international financial stability.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2017
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