Lessons from the SUCRE and TARGET2 systems for a sound international monetary system in a financialized economy

摘要

More than 70 years after the Keynes Plan was originally created, it is still considered an alternative to the current International Monetary System (IMS) and many believe it contains potential benefits for issues such as global stability, employment and fair relations among countries. In fact, it has served as an inspiration for real cases of regional payment systems. In this article, the Keynes Plan is considered the main guideline for a specific reform proposal of the IMS in the twenty-first century. Therefore, our first intention will be to explain the main political and technical advantages of the Keynes Plan, which will serve as a prerequisite to subsequently identify the conditions for its optimal performance in the financialized economy of the twenty-first century. For that purpose, we draw lessons from the dynamics observed in two different regional payment-systems: the SUCRE in Latin America and the TARGET2 in the Eurozone.