THE EVOLUTION OF THE CONTEMPORARY INTERNATIONAL MONETARY SYSTEM – INTEGRATION OR DISINTEGRATION?

This article aims at answering the question about the course of evolution of contemporary international monetary system (sometimes called „non-system”): which tendency is prevailing, to integrate or to disintegrate? This research focuses on the cross-sectional analysis of the key elements of the international monetary system: the exchange rate regimes, the structure of currency reserves, and the processes of adaptation. An attempt has also been made to evaluate the institutional dimension, namely the actions of the International Monetary Fund.