Currency Internationalization and Reforms in the Architecture of the International Monetary System: Managing the Impossible Trinity

Abstract

This paper attempts to evaluate the proposals on various facets of the IMS (“International monetary system” is often used interchangeably with terms such as “international monetary and financial system” and “international financial architecture.” Since the nomenclature involves de jure/de facto jurisdiction, obligations and oversight concerning sovereign nations and multilateral bodies, it is important to be precise and specific.) that are on the table, and to set out some responses that reflect an EDE standpoint in the debate. Clearly, at this stage, there is little consensus on these issues, as they sit uncomfortably on the trade-off between global governance and national sovereignty.