 The international monetary system, or IMS, allows countries and companies to do business across borders. But with more money moving around faster than ever before, these crucial links are becoming strained. We have global financial markets, but no effective way of managing them. The US dollar and US institutions dominated these financial links for the world. But in the last decade, Europe created a new international currency and fast-growing markets, including Brazil, India and China, have transformed the world economy so much that the existing system has reached a breaking point. It clearly needs a change, but how? The most popular view is that the world is moving towards a multipolar system based on the euro, dollar and yuan. But all three face significant problems at home. The euro zone is strained by weakened institutions, high debt and a poor growth outlook. The United States has even higher debt levels, a large trade deficit and a divided political landscape. China needs to keep opening up and strengthen its financial system to continue growing. This coin has three sides. Here are three takes on how it might play out. Scenario one, reversion to regionalism. The US and Europe's financial troubles continue and both become more inward-looking. Global exports slow down dramatically, stalling China's growth. Instead of traveling the world, capital stays in its home regions, making international currencies increasingly obsolete. Scenario two, G2 rebalancing. The euro zone breaks apart, making Europe internationally irrelevant. In the US, home-grown pressure about debt combined with the euro crisis kick-start fiscal reform. China relaxes capital controls and its horizons widen. As trade imbalances between the US and China unwind, global growth booms. The dollar continues to dominate overall, but trade in and out of Asia is conducted in yuan. Scenario three, reconciling a two-speed world. The situation in Europe improves as leaders redesign the monetary union. Investors become concerned about US debt and pull out of the dollar. Meanwhile, China aggressively expands yuan-conducted trades through a new BRICS development bank. Policy discussions focus on how to reconcile this two-speed world. The scenario show three potential outcomes. Which scenario are you prepared for?