Future Stance of Currencies in the International Monetary System

The current global crisis is a manifestation of global imbalance. Higher creation of savings in emerging economies compared to developed countries; higher investments of developed economies in comparison with developing countries; the current account deficit of the balance of payments in developed countries as opposed to the current account surplus of the balance of payments in emerging economies create new conditions for future stance of currencies in the international monetary system. The future aspect of the international monetary system is, at present, a major topic of discussion for monetary authorities as well as supranational institutions. The intention of this contribution is to highlight the main trends in its developmen