The international monetary system has experienced three main phases:the gold standard,the Bretton Woods system and the Jamaica arrangement or de facto U.S.dollar standard.The current global financial crisis is mostly a result of the U.S.abusing its privileges.It was a crisis that sent shock waves through the system itself and exposed its drawbacks.However,it has also offered opportunities for reform.This reform will involve major readjustments of both the political and economic interests of nations across the world.It will prove to be an arduous and long task.