Introduction: The Main Features of the International Money’s Evolution

In the years following the Global Financial Crisis, the debate on reforms to the international monetary system and the prospects for the dollar, which is at the heart of the current system, has gained momentum. The contrasting views on these issues reflect differing theories on the origin of international money. Just as in the national sphere, so in the international sphere the evolution of money has been characterized by the transition from commodity money to forms of money with an intrinsic value ever further removed from their face value. This transition has favoured a significant increase in the elasticity of the money supply with respect to changes in the level of productive activity. This, in a context where the prices of certain goods and services are rigid, has fostered economic growth. However, the introduction of forms of money with little or no intrinsic value inevitably raises the question of how to ensure the stability of their value over time. This problem is particularly pronounced at the international level given the absence of a supranational authority and it can only be achieved when a certain balance of power prevails in the international arena.