Warning
The wars in western Asia and the financial crisis of 2007-2008 spelt the end of the American attempt to global supremacy. Global public goods such as security and monetary and financial stability are no more granted by the US. This opens up the possibility of cooperation among vast regional areas to establish a new world order, through the reform of the Bretton Woods institutions, the progressive institutionalization of the current governance instruments, and a democratic reform of the UN. The Dollar was from 1920s to 1960s the currency of a creditor country, and since the 1970s of an increasingly indebted one: it cannot be the world currency anymore. The positive spontaneous transition of the monetary system from the dollar standard towards a multicurrency/multibasket regime can produce instability if not governed towards the creation of a world currency, as it happened in the EU. The Chinese Central Bank Governor proposal to modify the IMF SDR (Special Drawing Rights) composition and to use them to that purpose should be supported by the Eurogroup, which on the contrary is even unable to decide for its unitary representation within the IMF
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