Facoltà di scienze economiche

For a new system of international payments

Cencini, Alvaro

In: Banks and bank systems, 2010, vol. 5, no. 1, p. 47-57

World-wide economic turmoil and uncertainty are threatening the development of our economies, and experts increasingly evoke the ghost of recession. The aim of this paper is to show that the present system of international payments is in disarray, and that a reform is needed to replace it with a system respectful of the principles of money and banking. The reform advocated in this paper calls... Plus

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    Summary
    World-wide economic turmoil and uncertainty are threatening the development of our economies, and experts increasingly evoke the ghost of recession. The aim of this paper is to show that the present system of international payments is in disarray, and that a reform is needed to replace it with a system respectful of the principles of money and banking. The reform advocated in this paper calls for the institution of a world central bank acting as an international settlement institution designed to provide monetary stability without forcing countries to give up monetary sovereignty, and without the need for any kind of monetary policy intervention.