The article states that the instability of global finance is a consequence resulting from discrepancy of the current international monetary order and the changed conditions. Now the US dollar continues to be a dominating currency that does not have an adequate alternative. However, the confidence of the world community in this currency has decreased considerably. Nowadays, there are preconditions for the existing monetary system reorganization. The authors analyze the main problems associated with the existing Jamaican currency system and consider a possibility of pegging world currencies to an economic equivalent. The study investigates the ways of overcoming the Triffin Dilemma and assesses the possibility of changing the existing monetary order. The authors conclude that it is possible to stabilize the global monetary sphere if the world community accepts new currency instruments that do not depend on the geopolitical interests of certain states. The study includes an economic-mathematical model of the functional relations of the offered new currency standard. The authors analyze the possibilities of applying a multi-instrument standard by various monetary alliances: the USA with allies, with the European Union, and with the BRICS countries. The authors also emphasize that it is more reasonable to introduce a multi-instrument standard within the expanded alliance of the BRICS format. The study presents a developed mechanism of the multi-instrument standard distribution among the countries, which are trade partners of China, India, Brazil, Russia and the Republic of South Africa. The new monetary order will enable to reduce the share of the US dollar and other national currencies in international payments and currency reserves. This will considerably reduce the risk of further financial imbalance on a global scale. Creating a new monetary system based on the multi-instrument standard will contribute to stabilizing international monetary relations, improving foreign trade conditions, and arranging the conditions to recover from the global economic crisis.
Keywords: international monetary system, reserve, currency, regulation, union, multi-instrument standard
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