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United Nations conference calls for new global currency

By Stephen C. Webster

The United Nations Conference on Trade and Development said in a report published Monday that the U.S. dollar should be replaced as the world’s standard reserve currency, giving rise to a new global currency managed by an as-yet undetermined financial regulatory organization.

Heiner Flassbeck, director of the conference, told Bloomberg News that changes needed in the world’s financial systems rival the scope of the Bretton Woods or European Monetary System agreements.

The Bretton Woods agreement established in 1944 the International Monetary Fund and World Bank, following allied victory in World War II.

“[The] dominance of the dollar as the main means of international payments [has] played an important role in the build-up of the global imbalances in the run-up to the financial crisis,” the report says. “Another disadvantage of the current inte

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Added: Sep-8-2009 Occurred On: Sep-7-2009
By: wet501
In:
News
Tags: United Nations, UN, global, currency, money, monetary, IBS, dollar, federal reserve
Location: New York, New York, United States (load item map)
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