As emphasised in the beginning, the considerations presented here are very preliminary by nature. Nevertheless, some of the aspects discussed seem worth summarising. First, financial markets worldwide show a tendency of asymmetric regional "clustering" with newly emerging places challenging the...

The Bretton Woods system of fixed exchange rates was abandoned at the beginning of March 1973 when currencies were allowed to float. Has the system of flexible exchange rates fulfilled the expectations placed in it? How should experiences with regional systems of fixed exchange rates be...