The disjuncture between global markets and an international monetary system based on national currencies generates instability for global trade and finance. As the BRICS (Brazil, Russia, India, China, South Africa) and Asian countries have become more integrated into the world economy, they have become increasingly aware of fundamental problems or challenges in the current International Monetary System (IMS).

The project, launched in 2012, will support innovative research on: first, views from the BRICS and Asian countries on the systemic problems that are pushing countries to seek international monetary reforms (that is, the "need" behind the reform); second, the range of views from the BRICS and Asian countries, as well as regional considerations on the impact of the adjustment measures that key countries are already taking in response to the instability in the IMS, including currency internationalization; and, third, options and preferences  for orderly adjustment.