Reforming the International Monetary System

21 October 2022, Version 1
This content is an early or alternative research output and has not been peer-reviewed by Cambridge University Press at the time of posting.


We proposed a blueprint reform of a shared and science-based international monetary system managed by all (member) countries in the world democratically and decentralized called an “organic system”. The organic system issues a cross-border payment instrument called “organic currency”. The organic currency is only for international transactions between member countries. Domestic transactions continue to use their respective national currencies. Non-member countries cannot use the organic currency. Organic and national currencies are interconvertible to each other through an auto-balancing exchange rate, which follows the economic fundamentals of each country. The organic system provides international liquidity to all member countries free of charge and sustainably, aligns macro-fundamentals, eliminates global imbalances, eliminates the potential of currency crisis, and makes the international monetary system more equitable, balanced, and stable. The organic system can start anywhere in the world and any country may join without the need for comprehensive economic integration.


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