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The evolution of the international monetary system reflects the continuous search for a stable mechanism to facilitate global trade, finance, and economic growth. Its development has been shaped by historical events, political decisions, and changing economic needs across centuries. In the early stages, international trade relied heavily on the use of precious metals, particularly gold and silver, as a medium of exchange. This phase, often described as the metallic standard, created a relatively stable framework since the value of currencies was directly linked to gold or silver reserves. However, limitations of this system, especially the scarcity of precious metals in relation to growing global trade, gradually led to new monetary arrangements. The gold standard, which became dominant in the late 19th century, marked an important phase in international monetary evolution. __________ _______ _____ _________ ______ ___ ______.
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