The depreciation of the US dollar against the euro and other currencies in recent years has brought about a number of major problems for the global economy. It stems from the weakness of the macroeconomic policy that has been prevailing for quite some time, especially of the monetary and the budgetary policy implemented in the US. Its major result is a large current account deficit. The progressing depreciation of the dollar causes anxiety as to the ability of its further financing by the major trade partners of the US, especially the Asian countries. The downward trend of the dollar exchange rate against major world currencies has also stirred vivid debates on the future model of the international currency system and the role of particular currencies in it. On considering the future evolution of the system, cooperation of major participants of the world economy, i.e. the USA, the euro area and Japan, becomes an issue of vital importance. Should such cooperation be established, a more even distribution of the burden of stabilizing exchange rates would become feasible.