A supranational currency in the spirit of Keynes – China (with Russia and Latin America) could create a much better international financial system

Abstract

This brief article argues in favor of the implementation of an in international clearing union and a new international currency along the lines of the bancor as proposed by Keynes.  From the perspective of control systems, such a system offers stability in international finance.  The time is ripe for the emergence of such a system, which could be offered by china in a regional context.