By Jingyi Wang
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Additional info for The Past and Future of International Monetary System: With the Performances of the US Dollar, the Euro and the CNY
S. S. in the recent years. S. was steady while after that, the curve was rising sharply, from 910 billion dollars in 2008 Q3 soaring to 1,666 billion dollars in 2008 Q4. S. 95 in 2008 Q4. S. 5). S. by the Fed. Now we all have the idea that the prominent increasement in the shadow area of both “Currency in Circulation” and “Reserve Requirement” were the reflection of the famous “Quantitative Easing”. From then on, all these unorthodox policies have ballooned the Fed’s balance sheet. , gold. The unravelling reached a tipping point in 1970 when the US economy was suffering from a host of ills: inflation approaching 6 %, GDP growth south of 1 %, an emerging CA deﬁcit, and gold coverage falling from 55 to 22 %.
S. dollars to overseas markets. S. R. S. 45 %) Foreign currencies are revalued daily to reflect movements in market exchange rates each day. 24 %) The gold stock of the United States is held by the Treasury and consists of gold that has been monetized: the Treasury has issued certiﬁcates reflecting the value of the gold to the Federal Reserve in return for a credit for the same dollar value to the Treasury’s accounts. 11 %) Under the law providing for the United States’ participation in the SDRs system, the Secretary of the Treasury is authorized to issue SDRs certiﬁcates, somewhat similar to gold certiﬁcates, to the Reserve Banks, which are required to purchase the SDRs for the purpose of ﬁnancing SDRs acquisitions or exchange stabilization operations.
These articles give the core monetary management body— the European Central Bank a ﬁrm, legal foundation and a necessary extent of independence. 2 Monetary Authority and Its Performance in the Eurosystem Within the European Central Bank, it has a Governing Council which is the main decision-making body consisting of the six members of the Executive Board, plus the governors of the NCBs of the 17 euro area countries. This body is responsible for “adopting guidelines and decisions to ensure the performance of the tasks of the Eurosystem,” formulating monetary policy for the euro area.