The evolution of the international monetary system reflects the changing economic and political landscape over centuries, involving a shift in global financial practices. Here is an overview of its main stages
The international monetary and financial system has undergone significant transformations over the decades, adapting to global economic shifts, crises, and technological advancements.
Economic integration refers to the unification of economic policies between different countries, which typically involves reducing or eliminating trade barriers.
A multilateral framework of international trade refers to the system in which multiple countries cooperate to establish rules and agreements governing trade relationships between them.