There is frequent talk nowadays on the chances to use the “opportunity” that the present crisis has given to us, in order to, at least try to, reform the world economy. This also means that many economists sense a highly urgent need in that. The envisaged areas to reform are both part of the financial system’s core and quite different in nature, as well. The current crisis seems to show us that it is of an imperious nature not only the need to reform the global regulatory and supervisory framework, but equally the need to reform the global monetary system anchored in the US dollar. In many areas, the course was stepped in. For instance, in the EU, the European Systemic Risk Council (ESRC) and the European System for Financial Supervision (ESFS) are soon to be operational. In the same time, the debate regarding the ways to reduce the demand for reserves held in US dollars or to find new reserve assets, is in progress. Recently, Dominique Strauss-Kahn, the IMF executive director, commenting on the imperative of greater currency stability, said that the world can no more rely, as it was the case after the repeal of the gold standard, on a currency issued by a particular state. Both Strauss-Kahn and his predecessor, Michel Camdessus, emphasised that the opportunity for such a shift could not last for long. There is, in this respect, plenty of room for intellectual inquiry, but finally, the decision on the emergence of a new reserve currency is a matter for a market verdict.