The IMS (International Monetary System ... or Scandal?) and the EMS (European Monetary System)

Abstract

This article discusses the significance of worldwide balance of payments disequilibrium with specific reference to the US current and capital account deficits. The first part of the article summarises the most important statistics concerned with the 'world balance of payments network'. The second part derives a few conclusions concerned with fundamental reforms which should be implemented to restore an orderly world monetary system. JEL: F32, F33

Keywords

• Balance of payments
• disequilibrium
• deficits
• world monetary system