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La création monétaire d'un pays sera dépendante de son stock de devises convertibles. On distingue deux types de devises : les devises convertibles en or (« devises clés » détenues par les pays appelés « centres or »), et les devises non convertibles exprimées comparativement aux devises clés. Les pays qui le souhaitent/le peuvent choisissent d'être « centres or ». La convertibilité sera réduite au lingot (Gold Bullion Standard). Concrètement, chaque pays décide d'un taux de change relatif qu'il doit tenir : chaque banque centrale doit maintenir la stabilité des changes en vendant ou achetantsa monnaie avec des devises clés.

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