European Monetary System and IMF

21st Century economy is full competitive market structure, severe capitalism exists in markets. Both capitalism and full competition requires monetary policy to increase demand in business markets. Because markets and firms face isomorphism threats that make competition severe. European Monetary System has gold-euro relations. ECB runs like second IMF in global and European economy. There may be need of third IMF in global economy. It may establish in China as Asia Central Bank. All three IMFs enable monetary authorities to apply effective monetary policy in global economy. Because capitalism requires money and monetary for demand in 21st Century. In addition, without third IMFs, ECB currently apply propositions of neoclassical monetarism in Europe. That policy would support demand and firms in European economy as it is very much important in global economy.

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