ЄВРОПЕЙСЬКА ВАЛЮТНА СИСТЕМА: ПОЗИТИВНІ ТА НЕГАТИВНІ АСПЕКТИ

Abstract

The development of the state, first of all, depends on the stability of the national and world currency systems, and their international relations. The functioning of the world economy is based on the establishment of an effective currency and monetary system of relations between states, leading to the strengthening of internationalization processes. One of the examples of the prevalence of internationalization processes is the creation of a single currency system within the European Union (EU). This, in turn, ensures the competitiveness of national economies based on an increase in the volume of production of goods and provision of services, making capital investments in the industry. The creation of the European Monetary System (EMS) means the exchange of goods, services, capital, and labor, as well as the establishment of a single monetary and currency policy, ensuring the economically advantageous positions of the member countries of this association on the world market. Therefore, the question arises of distinguishing the positive and negative aspects of the European monetary system, and its influence on the state of the global economy. The article covers the issue of the peculiarities of the formation of the European monetary system. The main purpose of the study is to analyze the features of currency integration in the European Monetary Union in today's conditions. As a result, the following tasks were set: to investigate the characteristic features of the creation of the EMU; to form the goal of creating a researched regional currency union; highlight the main elements of this European currency integration; to analyze the advantages and disadvantages of the formation of the European Monetary System. The work presents the definition of the concept of "currency system", types of currency systems, and their constituent elements. The positive and negative aspects of the European monetary system are singled out, the stages of the introduction of the European Monetary Union are described, its main institutions and their functions are displayed, and statistical data on the percentage of the US dollar and euro in official currency reserves in the world during 1999–2021 are given.