A Multi-Currency Reserve Environment?
Note no. 1, January 2017
At the recent IMF Annual Meetings, the debate was widely focused on the evolution of the international monetary system that, for many aspects, is leading towards a “multi-currency system”, with characteristics still not well identified.
This is a new uncharted territory and the BIS, several months ago now, addressed the issue at a joint Swiss National Bank – IMF conference, in particular with the presentation “More Pluralism, More Stability?”1 by Claudio Borio, Head of the BIS Monetary and Economic Department. The presentation highlighted the problems linked to the model to which the international monetary system seems to be directed, and the need to establish stronger anchors at national and international level. [...]