This chapter examines the proposals of the United Nations for the international monetary system (IMS) in a context marked by the fragility of multilateralism, the rise in geopolitical and trade tensions, the volatility of capital flows, and structural dependence on the US dollar as the reserve currency. Among the main challenges are the asymmetries generated by dollar hegemony, the instability arising from globalized financial markets, the governance and liquidity limitations of the IMF, the increase in sovereign debt in the absence of a multilateral restructuring framework, the insufficient integration of the climate transition, and the uncertainty associated with digital currencies. Against this backdrop, the United Nations has put forward reforms aimed at strengthening the representation of the Global South in the IMF and the World Bank, revitalizing the role of Special Drawing Rights, advancing toward more equitable mechanisms for debt restructuring, and channeling greater resources toward sustainability and the Sustainable Development Goals. However, despite their relevance, these initiatives lack political consensus and effective implementation, which limits their capacity to comprehensively transform the international financial architecture.

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International Monetary System

  • Juan Francisco Albert

摘要

This chapter examines the proposals of the United Nations for the international monetary system (IMS) in a context marked by the fragility of multilateralism, the rise in geopolitical and trade tensions, the volatility of capital flows, and structural dependence on the US dollar as the reserve currency. Among the main challenges are the asymmetries generated by dollar hegemony, the instability arising from globalized financial markets, the governance and liquidity limitations of the IMF, the increase in sovereign debt in the absence of a multilateral restructuring framework, the insufficient integration of the climate transition, and the uncertainty associated with digital currencies. Against this backdrop, the United Nations has put forward reforms aimed at strengthening the representation of the Global South in the IMF and the World Bank, revitalizing the role of Special Drawing Rights, advancing toward more equitable mechanisms for debt restructuring, and channeling greater resources toward sustainability and the Sustainable Development Goals. However, despite their relevance, these initiatives lack political consensus and effective implementation, which limits their capacity to comprehensively transform the international financial architecture.