The Prospect of International Monetary System Reform

In the post crisis era, the dollar still dominates; the euro faces challenges; the pluralism is full of attractions. The reform of International Monetary System depends on not only the policy game among reserve-currency issuing countries but also the cooperation between reserve-currency issuing countries and emerging market and developing countries. Considering for the hegemony position of dollars is weakening but not thoroughly losing the status of international standard money in the very near future, the span of reform is about to be lengthened significantly. At present, the formal meaning of supporting the initiative of diversified international monetary system is far more important than its essence.