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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