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

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  • Dr. Ramgopal Agarwala

    (Distinguished Fellow at the Research and Information System (RIS) for Developing Countries, New Delhi)

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.

Suggested Citation

  • Dr. Ramgopal Agarwala, 2011. "Towards a Global Currency for a Global Economy: Proposals for the G20 Summits," MPDD Policy Briefs PB10, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    • Handle: RePEc:unt:pbmpdd:pb10
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