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ContentsIntroduction

Chapter 1. International monetary system

1.1 Currency and its types

Chapter 2. The main world currency - Euro, Dollar, Yuan

2.1 Euro

2.2 Dollar

2.3 Yuan

Chapter 3. Euro, Dollar, Yuan today and Scenarios on the Future of the International Monetary System

Conclusion

Bibliography

Introduction The initiative on Euro, Dollar, Yuan Uncertainties - Scenarios on the Future of the International Monetary System began in early 2011 against a background of increasing concerns among many Forum members and constituents about the state of the global economy. Currency volatility and fiscal crises have consistently featured as key global risks in the World Economic Forum’s Global Risks Report in past years. Over the course of 2011, the escalating sovereign debt crisis in Europe, discussions around the sustainability of US debt levels and questions around economic reforms in China have exacerbated the challenges to global economic stability. In this context, the Forum has mobilized key resources, including its Strategic Foresight, Europe, Financial Services, Global Risksand Global Agenda Council teams, to initiate a process aimed at supporting stakeholders in better understanding how these uncertainties may play out, and how stakeholders can prepare for plausible yet challenging alternative scenarios.report is the synthesis of the insights generated in a process engaging over 200 policy-makers, private sector leaders and academic experts through discussions and a series of high-level workshops in Brussels, New York, London, Beijing, Davos-Klosters and Dalian. This dynamic interaction complements a number of related Forum initiatives including those of the Global Agenda Councils on the International Monetary System, Fiscal Crises and Institutional Governance Systems, the B20 Task Force on the Future of the International Monetary System, as well as the Remodelling Europe Initiative which intends to deepen policy discussions on how to provide a more stable economic environment and increase the growth outlook for Europe. We hope that you find the insights informative and thought-provoking, and that this report will continue to serve as the basis for productive strategic conversations between stakeholders. The way policy-makers deal with these internal adjustment challenges will significantly influence the context for the future of the international monetary system. The dominant narrative of how these adjustments will play out is that the continued growth of imbalances will progressively undermine international faith in the US dollar, leading to a gradual rebalancing towards the euro and eventually the yuan. The result will be a multipolar “tripod" of reserve currencies, which under cooperative management, creates a self-supporting system that is more resilient to the build-up of imbalances than a system characterized by a single reserve currency.

Chapter 1. International monetary system

At the base of the international macroeconomics is the present international monetary and financial system, which indirectly reflects the relationships between the various actors in the international economy.international monetary and financial system (international monetary system) - enshrined in international agreements form of monetary and financial relations that operate independently or serving international movement of goods and factors of production.and financial system is a necessary link that lets you develop international trade, financial instruments and movement of factors of production. It consists of two groups of elements:

. Foreign exchange elements, namely the national currency, the conditions of mutual convertibility and circulation, exchange parity exchange rate and the national and international modes of regulation.

. Financial elements, namely the international financial markets and trading mechanisms specific financial instruments - currency, securities, loans.element can be considered international payments, which serve the movement of goods, services and factors of production and financial instruments.

1.1 Currency and its types

Currency - is any product that is able to carry cash as a means of exchange in the international market. In a narrow sense - is the cash portion of money that circulates between countries. [1]types of Currencies:

. According to holder:

· National currency (legal tender of a country that used in the country)

· Foreign currency (legal tender of other countries, legally or not legally available in her country.)

2. According the level of use in the international monetary system:

· Reserve currency (include only those in which governments hold liquid international reserves (USD, Euro, Swiss Franc, Japanese Yen)

· Currency free use (include all those affected by major international agreements (Ruble, Indian rupee, Mexican peso, Brazilian real, Chinese Yuan)

3. According the stability of currency exchange rate:

· Hard currency (exchange rate stable and depends on macroeconomic fluctuations)

· Not stable currency (exchange rate changes quickly and unpredictably)

4. According the degree of convertibility

· Free convertible

· Convertible for current transactions

· Convertible capital transactions

· Internally convertible

· Externally convertible

Economic globalization is the increasing economic integration and interdependence of national, regional and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. [1] Whereas globalization is a broad set of processes concerning multiple networks of economic, political and cultural interchange, contemporary economic globalization is propelled by the rapid growing significance of information in all types of productive activities and marketization, and by developments in science and technology. [2]globalization primarily comprises the globalization of production and finance, markets and technology, organizational regimes and institutions, corporations and labour. [3]economic globalization has been expanding since the emergence of trans-national trade, it has grown at an increased rate over the last 20-30 years under the framework of General Agreement on Tariffs and Trade and World Trade Organization, which made countries gradually cut down trade barriers and open up their current accounts and capital accounts. [2] This recent boom has been largely accounted by developed economies integrating with less developed economies, by means of foreign direct investment, the reduction of trade barriers, and in many cases cross border immigration.growth accelerated and poverty declined globally following the acceleration of globalization.capita GDP growth in the post-1980 globalizers accelerated from 1.4 percent a year in the 1960s and 2.9 percent a year in the 1970s to 3.5 percent in the 1980s and 5.0 percent in the 1990s. This acceleration in growth is even more remarkable given that the rich countries saw steady declines in growth from a high of 4.7 percent in the 1960s to 2.2 percent in the 1990s. Also, the non-globalizing developing countries did much worse than the globalizers, with the former's annual growth rates falling from highs of 3.3 percent during the 1970s to only 1.4 percent during the 1990s. This rapid growth among the globalizers is not simply due to the strong performances of China and India in the 1980s and 1990s-18 out of the 24 globalizers experienced increases in growth, many of them quite substantial." [15]to the International Monetary Fund, growth benefits of economic globalization are widely shared. While several globalizers have seen an increase in inequality, most notably China, this increase in inequality is a result of domestic liberalization, restrictions on internal migration, and agricultural policies, rather than a result of international trade. [15]has been reduced as evidenced by a 5.4 percent annual growth in income for the poorest fifth of the population of Malaysia. Even in China, where inequality continues to be a problem, the poorest fifth of the population saw a 3.8 percent annual growth in income. In several countries, those living below the dollar-per-day poverty threshold declined. In China, the rate declined from 20 to 15 percent and in Bangladesh the rate dropped from 43 to 36 percent. [15]are narrowing the per capita income gap between the rich and the globalizing nations. China, India, and Bangladesh, once among the poorest countries in the world, have greatly narrowed inequality due to their economic expansion. [15]global financial system includes three types of financial markets - stock, currency and commodity. The stock market operates securities: shares, bills, certificates of deposit, bonds, checks. A large proportion of financial transactions in commodity market comes from oil, gold, sugar, grain. In the foreign exchange market operations performed with world currencies - the US dollar (USD), euro (EUR), British pound (GBP), Swiss franc (CHF), Chinese Yuan and Japanese yenoyu (JPY) and so on.the global financial system, there are three main groups of participants:

· banks and multinational companies;

· international portfolio investors (pension, insurance, investment funds);

· international official borrowers (government and municipal authorities, international and regional organizations) [1].

currency international monetary system

Chapter 2. The main world currency - Euro, Dollar, Yuan

The rapid integration of global trade and capital flows over the past decades has made the links that connect different parts of the world economy ever more central to global prosperity. Yet the practices and institutions that regulate these links - the international monetary system - as well as the main international currencies that underpin this system are increasingly challenged.this backdrop, it is clear the current dollar-based international monetary system needs to evolve. But how it will evolve is highly uncertain. The widespread view is that the world is moving towards a multipolar currency system based on the euro, dollar and yuan. But each of these currency areas faces the need for significant internal adjustments that constrain their future international roles:Eurozone is plagued by a weak governance structure, fragmented sovereign debt markets and an uncertain growth outlook.United States must contend with a dim fiscal position, a persistently large trade deficit and a political system at risk of resorting to protectionism.the yuan is to rise to international significance, China will have to ensure continued growth, resolve systemic weaknesses in its financial system and address limitations stemming from its system of capital controls.adjustment processes play out as complex two-level games. While at the global level synchronous and coordinated adjustments between individual players may be desirable, the challenges they face at the national and regional levels may direct them to take decisions that can lead to sub-optimal global outcomes.

2.1 Euro

The euro (sign: €; code: EUR) is the currency used by the Institutions of the European Union and is the official currency of the eurozone, which consists of 18 of the 28 member states of the European Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. [3] [4] Lithuania is adopting the euro as its official currency in place of the lithuanianlitas on 1 January 2015. [5] The currency is also officially used by a further four European countries, and unilaterally by two others, and is consequently used daily by some 334 million Europeans as of 2013. [6] Outside of Europe, a number of overseas territories of EU members also use the euro as their currency., 210 million people worldwide as of 2013-including 182 million people in Africa-use currencies pegged to the euro. The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. [7] [8] [9] As of August 2014, with more than €995 billion in circulation, the euro has the highest combined value of banknotes and coins in circulation in the world, having surpassed the U. S. dollar. [note 15] Based on International Monetary Fund estimates of 2008 GDP and purchasing power parity among the various currencies, the eurozone is the second largest economy in the world. [10]name euro was officially adopted on 16 December 1995. [11] The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1: 1 (US$1.1743). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members. [12] While the euro dropped subsequently to US$0.8252 within two years (26 October 2000), it has traded above the U. S. dollar since the end of 2002, peaking at US$1.6038 on 18 July 2008. [13] Since late 2009, the euro has been immersed in the European sovereign-debt crisis which has led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising the currency. In July 2012, the euro fell below US$1.21 for the first time in two years, following concerns raised over Greek debt and Spain's troubled banking sector. [14] As of November 2014, the euro-dollar exchange rate stands at ~ US$1.25. [15]euro is the sole currency of 18 EU member states: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. These countries constitute the "eurozone", some 332 million people in total as of 2013. [6]all but two of the remaining EU members obliged to join, together with future members of the EU, the enlargement of the eurozone is set to continue. Outside the EU, the euro is also the sole currency of Montenegro and Kosovo and several European microstates (Andorra, Monaco, San Marino and the Vatican City) as well as in four overseas territories of EU members that are not themselves part of the EU (Saint Barthélemy, Saint Pierre and Miquelon and Akrotiri and Dhekelia). Together this direct usage of the euro outside the EU affects nearly 3 million people.is also gaining increasing international usage as a trading currency, in Cuba, [7] North Korea, and Syria. [8] There are also various currencies pegged to the euro (see below). In 2009, Zimbabwe abandoned its local currency and used major currencies instead, including the euro and the United


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