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The "four I’s" of the international monetary system and the international role of the euro

Author

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  • Jean-François Ponsot

    (CREG - Centre de recherche en économie de Grenoble - UGA [2016-2019] - Université Grenoble Alpes [2016-2019])

Abstract

This article highlights the main sources of negative externalities in the current international monetary system, through a "four I's" approach (instability, incertitude, inequity and insufficiency of the aggregate demand). It then questions the ability of the euro to contribute to a more balanced and sustainable international monetary regime. The euro cannot become a major international currency without long-term growth in the Eurozone, without the creation of a unified market place for public debt backed by the European Central Bank, and without shared desire to internationalize the euro, particularly as an invoicing currency for trade.

Suggested Citation

  • Jean-François Ponsot, 2016. "The "four I’s" of the international monetary system and the international role of the euro," Post-Print halshs-01264699, HAL.
    • Handle: RePEc:hal:journl:halshs-01264699
    DOI: 10.1016/j.ribaf.2016.01.004
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    Cited by:

    1. Chunming Shen, 2022. "Digital RMB, RMB Internationalization and Sustainable Development of the International Monetary System," Sustainability, MDPI, vol. 14(10), pages 1-22, May.
    2. Opperman, Pieter & Adjasi, Charles Komla Delali, 2017. "The determinants of private capital flow volatility in Sub-Saharan African countries," Research in International Business and Finance, Elsevier, vol. 42(C), pages 312-320.

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