The idea of a world currency has been one of the hot topics in economic history. John Maynard Keynes once dreamt of a single global accounting unit. The currency he called Bancor failed due to USA’s opposition at the Bretton Woods conference in fact, where the waters were being tested for the world economic post-war order in 1944.

The media report about the upcoming review of the SDR composition at the IMF once again attracts the attention about the need to reform the existing international monetary system. The 2008–09 global economic and financial crisis highlighted major deficiencies in the international monetary system. And while the system appears to have weathered the initial shock, it remains fragile.