"The banking crisis has developed into financial crisis. The financial crisis has developed into an economic crisis. Now, I am concerned that if we do not address this issue properly and swiftly, it may evolve into political instability, a political crisis...Using this common global currency -- the many recommendations put forward by governments, scholars and many sources -- all these recommendations and ideas and suggestions should be debated; they will need to become the subject of continuing debate in the international community. And most imminently, during the London summit meeting, these issues may be taken up and may be discussed -- without, I suspect, much clear-cut agreement on this. These issues should be addressed in a comprehensive, much broader context. The leaders have been, the international community has been working on how to put off this burning fire, how to gain the trust and confidence of the market, how to revive the economy, how to reform the international financial institutions in terms of governance, in terms of mechanisms – I think that will have to be addressed in a much, much broader context."
Tuesday, March 31, 2009
Ban Ki Moon Comments on Global Currency Initiative
On March 27, 2009: UN Secretary General Ban Ki Moon commented on the China-Russian proposal to utilize IMF currency to replace the dollar as the prominent international currency: