REGIONAL CURRENCY AREAS - A POSSIBLE DIRECTION OF DEVELOPMENT OF THE WORLD MONETARY SYSTEM

Abstract

It is known that economic processes have taken on a global character for a long time, which, in particular, refers to financial relations. The mentioned issue is relevant for both developed and developing countries, which is mainly determined by the desire to achieve success in the world competitive struggle. In many cases, states that are less able to deal with global challenges alone try to establish close relations with other countries not only in terms of political, but also economic, financial cooperation.

Similar processes have been significantly activated since the 80s of the last century, in developing and emerging countries. The result of this was the creation of various types of connections, the interest in which has increased even more as a result of the financial and economic crises, based on the desire to deal with them and speedy rehabilitation.

The current situation is of great interest to economists. For example, one of the world's last crises of 2008-2010 has become the object of research in many scientific works, and it can be said that this topic has been exhausted. However, the study of some issues that still remain problematic can still be continued, additionally. One of these is the currency system, its stability and prospects for future development.

After the crisis, the conversation about the fact that the current currency system can no longer respond to new requirements and it needs serious changes was renewed with more force. Most of the world's experts agree that the future belongs to interstate regional currency systems, within the framework of which the united countries will achieve significant convergence, if not unification.

Within the framework of the presented work, an attempt has been made to analyze how appropriate it is to implement similar processes in the future, what perspective it may have deepening the financial and economic cooperation between the states of the South Caucasus and why, in response to challenges, both at the current stage and in the future.

Key words: Regional cooperation, currency regimes and agreements, macroeconomic policy coordination