Definition of Current International Financial System

Where is the international financial system today? The answer to this question revolves around three facts:

(a) The dollar is still the principal currency used in international transactions but its unchallenged dominance as an economic and financial force: and

(b) Bretton Woods is dead but its child, the IMF, has evolved with the times and is more important than ever as watchdog and arbiter of balance of payments disequilibruim.