1.  International monetary system  Looking at the international monetary system, some say that since the collapse of the Bretton Woods system of fixed exchange rates in the early 1970s, there has basically been no system in place. The current situation of manifold monetary arrangements is sometimes characterised as a “non-system”. In my view, this is not true.
It is correct that we are living in an increasingly complex world with a multitude of exchange rate regimes - about one-third of IMF countries have their currencies pegged to one major currency or currency basket, while others have various modalities of floating exchange rate systems from pure floating to more or less managed float.