We have not only reformed supervisory structures and the way in which national supervisors work with one another, we have also formulated a number of new rules which will make certain lines of business more expensive and render banks more resilient.
Instead, a myriad of private agents must somehow reach agreement on which currency to use as an international currency. In the modern world of fiat currencies, a number of factors can enhance the attractiveness of a currency to private agents, making it easier for them to settle on an international currency. First and foremost, an international currency must be perceived as sound.