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Current And Former IMF Heads Call For New Global Currency
Global financial body wants complete overhaul
as soon as possible
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The head of the International Monetary Fund has once again called
for a new global currency to replace the Dollar, adding that
the momentum to instigate such a system is fading.
Dominique Strauss-Kahn told
a forum on Tuesday that he wishes to see an emboldened
IMF pave the way for the emergence of a global currency based
on the monetary body's special drawing right (SDR).
“That probably has to be a basket,”
Strauss-Kahn said of the eventual replacement for the dollar.
“In a globalized world there is no domestic solution,”
he added.
The IMF head said that the world can no longer
rely on a currency issued by a single country to ensure global
financial stability.
Strauss-Kahn also said that China should re-value
its currency in order to straighten out global economic distortions
and imbalances.
Strauss-Kahn said that since the G20 summit in
March, where agreements were made to reform the global monetary
system, political willingness to carry out such an overhaul
has waned.
Former IMF chief, Michel Camdessus, added that
"time is of the essence" for global monetary reform.
Camdessus said that he backs a shift of power to big emerging
economies to act as a corollary of a strengthened role for the
SDR.
“This favourable window of opportunity
is there. It will not stay open forever,” Camdessus told
the forum.
The IMF first touted the possibility of a new
global currency in
March. The issue was then debated at the G20 Summit
in London just days later.
A clause in Point 19 of the communiqué
issued by the G20 leaders led to analysts describing the dawn
of a "revolution in the global financial order."
"We have agreed to support a general SDR allocation which
will inject $250bn (£170bn) into the world economy and
increase global liquidity," The clause stated.
SDRs are Special Drawing Rights, a synthetic paper currency
issued by the International Monetary Fund that had lain dormant
for half a century.
"In effect, the G20 leaders have activated the IMF's power
to create money and begin global 'quantitative easing'. In doing
so, they are putting a de facto world currency into play. It
is outside the control of any sovereign body. Conspiracy theorists
will love it."
Ambrose Evans-Pritchard of the London Telegraph wrote
at the time.
"The world is a step closer to a global currency, backed
by a global central bank, running monetary policy for all humanity."
he added.
The same conclusion was drawn by the Washington
Post's Anthony Faiola, who described how the IMF is on course
to be transformed into "a veritable United Nations for
the global economy."
The move has also been endorsed separately by
the World
Bank and the UN.
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