Abstract

This paper addresses a pressing current topic on the International Monetary System (IMS) and the need for its fundamental reform. In principle, at present, this need for reform is agreed by all specialists and more and more of those who govern the world's countries. The paper presents the main vulnerabilities of SMI, some aspects of his background, a review of several papers, a brief critical analysis of IMS and some proposals and conclusions which the authors deem useful. The novelty the paper brings concerns the design of a new currency of international reserve and also the proposal the for the issuance and surveillance of its use should be formed a new entity that has the role of the Central Bank but worldwide. The idea of such an entity is not completely new but almost all experts, probably under routine, attributes the regulation, coordination and control roles of the new SMI, to the International Monetary Fund which has had and still has yet another determining role in the functioning of the current SMI. Or, as seen, the IMF failed to maintain an efficiently functional IMF that would fulfill the role and mission that have been attributed to its creators. Nor will it be done in the future and that is because IMF is not and can not be a neutral entity in relation to the globalized banking system, with the world governments and monetary funds users. The authors advocate the establishment of a superorganizational, even a superguvernamental entity that has to coordinate, monitor and control all the central banks of SMI members.