Sept. 7 (Bloomberg) -- The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said.
UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said today in a report.
China, India, Brazil and Russia this year called for a replacement to the dollar as the main reserve currency after the financial crisis sparked by the collapse of the U.S. mortgage market led to the worst global recession since World War II. China, the world’s largest holder of dollar reserves, said a supranational currency such as the International Monetary Fund’s special drawing rights, or SDRs, may add stability.
“There’s a much better chance of achieving a stable pattern of exchange rates in a multilaterally-agreed framework for exchange-rate management,” Heiner Flassbeck, co-author of the report and a UNCTAD director, said in an interview from Geneva. “An initiative equivalent to Bretton Woods or the European Monetary System is needed.”
In the past few months, many news publishers in the US have announced layoffs. Others have tweaked or abandoned their paywalls and pursued more open models.…
The Atlantic surf clam, an economically valuable species that is the main ingredient in clam chowder and fried clam strips, has returned to Virginia waters…
Cancer cells grow and spread by hiding from the body's immune system. Immunotherapy allows the immune system to find and attack hidden cancer cells, helping…
Alzheimer's disease (AD) currently afflicts nearly seven million people in the U.S. With this number expected to grow to nearly 13 million by 2050, the…
In a new study, a Johns Hopkins Medicine-led research team reports that social stress during adolescence in female mice later results in prolonged elevation of…