Two sets of conclusions are drawn from this study. First, from a methodological point of view, the SFC modelling has enlightened some of the issues of the finance-led regime and has helped to evaluate economic policies at the regional and world levels. It has been combined with the FEER methodology that has given a synthetic view of the international imbalances. Second, the operating mode of the finance-led regime and the single currency trap have been analysed before examining how the international monetary system could be improved.