I will start by briefly recalling the key features of a good international monetary system and on this basis, I will try to define what are, in my view, the main weaknesses of the present system (or “non-system” as many describe it).
This will allow me to dwell upon the possible evolution over the medium run of some of the main components of the international monetary system. When concluding, I will assess whether such an evolution may prove to be an adequate response to the challenges we are confronted with. What can we expect from a good-quality international monetary system?