At G20 Finance Ministers Meeting, Global Economic Recovery Depends on International Monetary System Reform

Released: 14-Feb-2011 11:15 AM EST
Source Newsroom: Cornell University
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Newswise — “The mid-February meeting of G20 finance ministers will be addressing an issue whose time definitely has come — reform of the international monetary system.

“Continuing demand for the U.S. dollar as the world’s de facto reserve currency, consequently still widening trade imbalances, and ongoing worry over how long the dollar can retain its excessively high value relative to other currencies, are sowing the seeds of renewed global financial instability.

“Look for the Chinese yuan to be added to the dollar, euro, pound, and yen as one of the principal currency components of the Special Drawing Right, which is a composite of globally important currencies. This move would help free the dollar of its currently unsustainable role – a role that requires the U.S. to remain in deficit.”

--Robert C. Hockett, an expert on international finance and professor of law at Cornell University

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