The article relevant to the proposal for a new international money system, written by Donato Masciandaro and published on the Italian financial newspaper “il Sole – 24 Ore” (27.th of August, 2019) is worthy to be commented.
The original idea comes from Mark Carney, Governor of the Bank of England, whose idea is to replace the US dollar, as international money, with an international virtual money similar to the “libra” but subject to a kind of public control and internationally managed and controlled.
According to the Author, an international money would be positive for international trade: by this way the money would be managed by an International Central Bank and then completely out of the control of national politicians.
Of course, the International Central Bank should be under control of an independent body, not controlled by any national power and working to cope with the necessity of the global economy: this is not an easy task, and it’s not easy to create such an independent organization.
In the past, there have been several attempts to have an international money, such as were silver and gold in the past, also to be reminded the special withdrawal rights (1969). However, for the time being, this seems to be impossible since the states that are now issuing money used as world money will never give up the relevant advantages.
On the other side, we must understand that the monetary system based on “fiat money” cannot last forever and that a new standard is needed.