The theory of optimal currency areas in the context of global macro-financial change
The author proposes a method to adapt the theory of optimal currency areas to the modern tendencies of the fluctuations of global liquidity. He proves that symmetry of financial systems and common approaches to the provision of macroeconomic stability and macroeconomic reactions to financial cycle is an important criterion of optimality of a modern currency area. The article argues for the revaluation of the stabilizing role of exchange rate under the shocks of global demand.