Towards a Global Currency for a Global Economy: Proposals for the G20 Summits

Dr. Ramgopal Agarwala
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Dr. Ramgopal Agarwala: Distinguished Fellow at the Research and Information System (RIS) for Developing Countries, New Delhi

No PB10, MPDD Policy Briefs from United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)

Abstract: The necessity for a global currency for the global economy was recognized as early as in 1944 at the Bretton Woods Conference and after an over 60-year experimenting with various settings, the issue is on the policy agenda again. The recent global crisis highlighted the limitations of the use of a national currency as global reserve currency and there is a call for a new international currency with a stable value and supply to secure global financial stability. The Stiglitz Report by the United Nations proposes a new global monetary framework with an international reserve currency and a global issuer and this proposal could serve as a basis for discussions on the global financial architecture at G20 meetings.

Date: 2011-06
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