Diritti Speciali di Prelievo e Monete Digitali delle Banche Centrali come Leva per Riformare il Sistema Monetario Internazionale

The thesis acknowledges the inherent instability of the international monetary system (IMS) and considers the recent digital currencies’ revolution as a useful tool for subverting the natural network of externalities that harness its evolution, investigating whether they may accelerate the transition from a system centered on the US dollar to a system built on a "global key currency" issued by an international organization. Subsequently, the thesis proposes to restore the IMF’s central role in the international monetary and financial system by resuming the goal, already expressed in the IMF's article of agreements, of making the special drawing right (SDR) the principal reserve asset in the IMS. Finally, following the proposal made in 2019 by the ex-Governor of the Bank of England Mike Joseph Carney, the thesis aims to explain how an expansion of the role of Special Drawing Rights as a "Synthetic Hegemonic Currency" (SHC) composed by a basket of CBDCs, along with a reform of the IMF in terms of a Global Central Bank, may solve the structural problems that characterize the IMS in its current form while strengthening global governance. The thesis is conceived upon the need to recognize international economic, monetary, and financial stability as a global public good; as such, the importance of structuring and regulating the IMS on the basis of multilateral principles of global governance and international cooperation is therefore emphasized. The thesis is conducted through Literature Review.