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monetary policy reform in a world dominated by financial markets has led to the erosion of the allocation and signaling … world economy. The backlash of high government debt levels on monetary policy making is argued to have led to a hysteresis … displacement of the prevalent world monetary system. Enhanced competition between dollar and euro as international currencies …
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Recently the Interim Committee of the International Monetary Fund met in Hamburg without making significant progress on the proposal for a substitution account. One of the main initiatives toward restructuring the international monetary system thus was postponed if not indefinitely suspended....
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