Challenges for the International Monetary System After the Financial Crisis

Financial crisis triggered in 2007 outlined once again the weaknesses and flaws of the current international financial system. In the mean time it created the opportunity for rethinking and redrawing its architecture in order to make it more flexible, more legitimate, more resistant to shocks and more effective in preventing and addressing financial crises. Based on these considerations our study aims, in its first part, to summarize the main flaws of the current monetary system. In its second part, the study will try to present the challenges launched to the system as a consequence of the crisis’ effects, describing possible actions and treatment options in order to address these challenges and flaws. In this way we intend to contribute to the ongoing debate on strengthening the international monetary system.