Tag: one world currency

Authored by José Antonio Ocampo, formerly United Nations Under-Secretary-General for Economic and Social Affairs, via Project Syndicate,

This year, the world commemorates the anniversaries of two key events in the development of the global monetary system. The first is the creation of the International Monetary Fund at the Bretton Woods conference 75 years ago. The second is the advent, 50 years ago, of the Special Drawing Right (SDR), the IMF’s global reserve asset.

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When it introduced the SDR, the Fund hoped to make it “the principal reserve asset in the international monetary system.” This remains an unfulfilled ambition; indeed, the SDR is one of the most underused instruments of international cooperation. Nonetheless, better late than never: turning the SDR into a true global currency would yield several benefits for the world’s economy and monetary system.

Continue reading “It Begins: Former UN Under-Secretary-General Calls For One World Currency”

Guest Post by Nick Giambruno

It was perhaps The Economist’s most bizarre issue to date…

In January 1988, the magazine published a feature article titled “Get Ready for a World Currency.”

The article called for countries to give up their monetary sovereignty in favor of a world central bank, which would issue a new global currency. It suggested the name “phoenix” for the currency.

The article recognized that most governments wouldn’t participate under normal circumstances. It claimed it would take a crisis.

The 31-year-old article concluded with a prediction:

Continue reading “One World Currency”