For a New System of International Payments

World-wide economic turmoil and international 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 a disarray, and that a reform is needed to replace it with a system respectful of the principles of money and banking. The reform advocated here calls for the institution of a world central bank designed to provide monetary stability without forcing countries to give up monetary sovereignty, and without the need for any kind of monetary policy intervention