Outlining a monetary system in turbulent times

An outline for a new International Monetary System (IMS) is proposed, fit for the changing realities of nowadays’ turbulent world. Framed on the view of an IMS as a multi-layered graph, it emphasises flexibility and modularity, together with a lesser role for the International Monetary Fund. The proposal seeks to depart from the Bretton Woods’ framework, still the object of “new improvements”, actually marginal or merely technical ones, to save the status quo. The much talked about question of the reference currency is set under the perspective of negotiated currencies. Liquidity imbalances and hidden leverages are addressed, as well risk and control aspects of the designed structure. It must be taken as a transitional scheme, a way to operate a more or less chaotic and less efficient system, during a spell. A path, robust to unavoidable retreats, leading to a stable structure in the new and yet unknown order to come.