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International Monetary Fund director Dominique Strauss-Kahn calls for new world currency
Dominique Strauss-Kahn, managing director of the International Monetary Fund, has called for a new world currency that would challenge the dominance of the dollar and protect against future financial instability.
“Global imbalances are back, with issues that worried us before the
crisis -
large and volatile capital flows, exchange rate pressures, rapidly
growing
excess reserves - on the front burner once again,” Strauss-Kahn said.
“Left
unresolved, these problems could even sow the seeds of the next
crisis.”
“When we worry about the deficiencies of the international monetary
system, we
are mostly worrying about volatility,” he added. There is “a sense
that
money sometimes flows around the globe in too-volatile a fashion and
that
countries need a more stable, more predictable external environment in
order
to prosper”, he said.
He suggested adding emerging market countries' currencies, such as the
yuan,
to a basket of currencies that the IMF administers could add stability
to
the global system.
China, which holds much of its $2.85 trillion mountain of reserves in US
Treasury bonds, has repeatedly expressed unease about the value of the
dollar, while American politicians have complained that Beijing gains
an
unfair advantage by keeping its own currency cheap.
Strauss-Kahn saw a greater role for the IMF's Special Drawing Rights,
which is
currently composed of the dollar, sterling, euro and yen, over time
but said
it will take a great deal of international cooperation to make that
work.
"Using the SDR to price global trade and denominate financial assets
would provide a buffer from exchange rate volatility," Strauss-Kahn
said, while "issuing SDR-denominated bonds could create a potentially
new class of reserve assets".
Russian President Dmitry Medvedev last month said the currencies of Brazil, Russia, India and China should be included in the SDR valuation basket. The same month, Sarkozy said that the yuan should be included, and US President Barack Obama’s administration said it supports such a transition “over time”.
However, among the yuan's drawbacks is that it is not freely traded and China's capital markets are largely closed.
Strauss-Kahn said: "Increasing the role of the SDR would clearly require a major leap in international policy coordination. For this reason, I expect the global reserve asset system to evolve only gradually, and along with changes in the global economy."
Strauss-Kahn's views come a week before finance ministers from the Group of 20 developed and developing nations meet in Paris to discuss proposals by French president Nicolas Sarkozy for changes to global economic governance.
Russian President Dmitry Medvedev last month said the currencies of Brazil, Russia, India and China should be included in the SDR valuation basket. The same month, Sarkozy said that the yuan should be included, and US President Barack Obama’s administration said it supports such a transition “over time”.
However, among the yuan's drawbacks is that it is not freely traded and China's capital markets are largely closed.
Strauss-Kahn said: "Increasing the role of the SDR would clearly require a major leap in international policy coordination. For this reason, I expect the global reserve asset system to evolve only gradually, and along with changes in the global economy."
Strauss-Kahn's views come a week before finance ministers from the Group of 20 developed and developing nations meet in Paris to discuss proposals by French president Nicolas Sarkozy for changes to global economic governance.
