Abstract
A monetary order is a fundamental requirement. It consists of the rules which define the concept and regulate the creation of money both on a national and an international level. What is the situation today? The prevailing monetary framework is very difficult to define. For internal reasons the Swiss National Bank recently made a survey among the central banks of the Group of Ten countries, in order to determine the principal features of their national monetary order. As was to be expected, no clear trend emerged. Either a monetary order is obsolete — based on the gold standard, for example — or it is simply non-existent — as in the case of ‘fiat’ money. On an international level, a fortiori, no monetary order has succeeded in establishing itself since the breakdown of the Bretton Woods System in the early 1970s.KeywordsMonetary PolicyReal Exchange RateBudget DeficitPrice StabilityMonetary AuthorityThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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