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On 2 August 2021, the International Monetary Fund (IMF) announced that an exceptionally large allocation of special drawing rights (SDRs), worth US$650 billion (€550 billion), had been approved with effect from 23 August 2021. The SDR allocation, the largest in the IMF's history, would serve to 'boost global liquidity' and help all members 'address the long-term global need for reserves'. The initiative complies with the IMF's mission of monitoring and promoting stability on the international monetary ...

The issuance of EU debt in the context of the recovery plan for Europe creates scope for strengthening the international role of the euro. However, with a large share of safe euro assets likely to be absorbed by the pandemic emergency purchase programme of the ECB, a shortage of eligible bonds stands to impede such progress. The ECB could decisively increase the supply of safe assets by issuing tradable ECB certificates of deposit as a way of overcoming this obstacle. This document was provided ...

The euro is the second most important global currency after the US dollar. However, its international role has not increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial market for US dollar-denominated assets is larger and deeper; network externalities and inertia also play a role. Increasing the attractiveness of the euro outside the euro area requires, among others, a proactive role for the European Central Bank and completing ...

Looking back on 20 years of the euro, it is widely acknowledged that it has proved successful as the common currency of the euro area, and that it has also developed into a vehicle for international trade, having become the second most widely used currency in the world. However, this growing international role is not reflected in the external representation of the euro in international financial fora, notably the International Monetary Fund (IMF). Over the years, various attempts have been made to ...

Conceived at the Bretton Woods conference in 1944, the International Monetary Fund (IMF) officially came into existence on 27 December 1945 and started operations in 1947. Its primary purpose is to ensure the stability of the international monetary system – the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The IMF has 188 member countries, all of which are represented in the highest decision-making body, the Board of Governors ...

This paper forms part of a series of nine studies on the role of the European Union in international economic fora, prepared by Policy Department A at the request of the Committee on Economic and Monetary Affairs of the European Parliament. It provides factual background information about the International Monetary Fund (IMF) as well as about the EU’s relations with the IMF (both in terms of the IMF's role in the EU and the EU’s role, representation and impact in the IMF). The paper focuses in particular ...

European monetary integration began almost a decade after the Treaty of Rome, as European Economic Community Member States sought to protect themselves better from international economic turbulence and loosen their ties to the US dollar. This process, in which a multitude of stakeholders (Member States, European institutions) was involved, developed from looser forms – such as the 'Snake in the tunnel' mechanism – to Monetary Union and a common currency with an international role and importance. ...

New Global Monetary System

Uitgebreide analyse 14-01-2011

This compilation of briefing papers was written by two members of the expert panel to the Special Committee on the Financial, Economic and Social Crisis. Its aim is to support the committee discussions on key questions arising from the crisis and thus feed into the preparations of the final report. The briefing papers take a look on the previous experiences of world monetary systems such as Bretton Woods and the current exchange rate misalignment as well as taking into account the influence of modern ...

The recent financial crises in Asia, Russia and Latin America have focussed attention on the effectiveness of the world's 'financial architecture'. The freeing of capital movements and the globalisation of markets have boosted economic growth; but also increased instability and systemic risk. This study examines in detail the workings of the system, and the problems it faces. It looks particularly at risk-management techniques, the difficulties of effective prudential supervision, the situation in ...

The creation of the Euro will constitute a major change to the international monetary system. This study examines the extent to which the Euro will become a major international currency to rival the dollar, whether it is likely to be 'strong' or 'weak'; and how exchange rate policy for the Euro is to be managed. It also contains Annexes on the Euro as an anchor currency for the CEECs; and on parameters for Euro/US$ exchange rates.