World needs more reserve currencies – expert
Published: 26 March, 2009, 16:51
Edited: 04 August, 2010, 03:16
Now the U.S. economy is not the dominant one as it has been in the past. Therefore, Roger Munnings, from accounting giant KPMG believes there is a need for more reserve currencies around the world to provide stability.
On Tuesday, China's Central Bank called for a new global currency to be run by the International Monetary Fund instead of the U.S. dollar.
Russia is supporting the proposal, saying that the World Bank needs to be reformed and no country should depend on the U.S. Federal Reserve.
Barack Obama has rejected the idea, saying that the dollar is “extraordinarily strong” now.
26.03.2009, 14:08
The End… Or to be continued?Russia’s movie industry is already feeling the chill of the economic slowdown and, experts warn, the sector will see the ice age in the near future. |
26.03.2009, 17:23
Reserve currencies and the Russian budgetAmidst calls for a move away from the use of the U.S. dollar as an international reserve currency RT spoke with Elina Ribakova, Chief Economist at Citibank for her thoughts, and also the outlook for the Russian budget. |
This may have been a good idea last year . Now , as we have seen the U.S. speculators made a concerted effort to drive down the value of the Euro by attacking Greece . There is a pattern here . Every time a country tries to price oil in a currency other than U.S. dollars , they are either attacked physically or financially !