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Global Monetary Reform After 2008
Global monetary reform after 2008

The pathway of conflict and cooperation in managing the global monetary system has been a long one that has featured many policy initiatives, and it is one that remains in transition following the 2008 global financial crisis.1 We have passed through a period in which currencies were identified, defined, and, most importantly, had their values determined largely by the policies of national governments. We thought of currencies as operating within national boundaries. Going abroad meant exchanging one's currency for that of the country you were entering. This imagery, while true for most currencies, was not true for all. A select few, such as the U.S. dollar, held a privileged position and could be used internationally with ...

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