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 of the current International Monetary System (IMS).
This commentary series will feature innovative research findings on:
- the range of views on the fundamental systemic problems that are pushing countries to seek international monetary reforms (that is, the “need” behind the reform);
- views from the BRICS and Asian countries, as well as regional considerations on the adjustment measures that key countries are already taking in response to the instability in the IMS, including currency internationalization; and
- options and preferences for orderly adjustment.