application/pdf 175748 bytes Proceedings of the 14th SCF International Conference "Economic, Social, and Environmental Sustainability in the post Covid-19 World", Antalya, 13-16. October 2022 Kovačević, Radovan Abstract: The global financial crisis of 2007-2009 has sparked some discussions on the need to reform the international monetary system (IMS). The current crisis in the world, intensified by the effects of the war in Ukraine, raises the issue of IMS reform again. An IMS based on the US dollar as a key world reserve currency is no longer able to provide global financial stability. The strong reliance of the global economy on the US dollar as a key currency in cross-border transactions and global foreign exchange reserves has provided the US with significant benefits and a central role in the global financial system. The current crisis shows the need to implement the IMS reform in the direction of creating an international reserve currency, which would have a stable value and would not depend on the monetary policy of one country. The issuance and management of such a currency should be based on rules aimed at maintaining global financial stability. This paper investigates whether the special drawing rights (SDR) can take on the role of a world reserve currency and meet the objectives of IMS stability and neutrality, or whether a more realistic option is an IMS that relies on multiple reserve currencies. The disturbances on the world market due to the war in Ukraine raise the question of whether it is possible to divide the IMS into several smaller currency blocks, with their financial infrastructure. The paper also points out the influence of digital currencies and digital payment systems on the existing international monetary order and capital flows. info:eu-repo/semantics/conferenceProceedings Keywords: International monetary system, IMF, SDR, US dollar https://phaidrabg.bg.ac.rs/o:29989 eng 2022 All rights reserved The Current Crisis and the Reform of the International Monetary System