ABSTRACT
A 'software' global economic policy boils down to opening individual markets to the movement of goods, services and factors of production. Global economic policy can be either exogenous or endogenous. In an exogenous global economic policy, only foreign economic policy is uniform, while macroeconomic policies are determined on an independent basis by individual countries participating in the globalization process. The effectiveness of a 'software' global economic policy depends on an individual economy's ties with the world economy. The simplest institutional form of a 'hardware' global economic policy is a global monetary union favouring a uniform monetary policy - a macroeconomic policy instrument. Monetary union members have to meet all the requirements of a free trade zone, customs union and common market and additionally be required to maintain fixed exchange rates. Global economic policy carried out in the form of a monetary union could only cover countries with balanced economies and a competitive structure of production.
