In Europe, the pace has been considerably slower still. According to the Financial Times (2014.01.05) analysing a leaked proposal of the European Commission with a "narrowly defined version of the US Volcker rule" the official calendar expects an agreement no sooner than December 2015, the dates of its real implementation being anyone's guess.
Today we face grave new threats to our security, the most urgent and costly of which is the need to transform our economies away from fossil fuels and excessive consumption. That is why its time to talk about, and talk up, monetary reform - to ensure that the public good that is our money system once again serves the interests of wider society, not just those of private wealth.
Doom-mongers believe politicians will choose the easy way out and put pressure on central banks to crank up the printing presses. They often point to the weakness of the international monetary system, because it is based on fiat (soft) money, which is not backed by the value from tangible materials like gold. The pessimists think a monetary system based on fiat money will rarely, if ever, exist for long because hyperinflation is inevitable.