By George Whitten, Jerusalem Bureau Chief
MOSCOW/AQUILA (BosNewsLife) — Russian President Dmitry Medvedev has called for a new global currency to replace the dollar as the World’s Reserve Currency.
At the summit of leaders of the eight most influential nations, the G-8, Medvedev showed a new coin to illustrate what he said was a “united future world currency”, BosNewsLife monitored Monday, June 21.
The coin, which bears the words “unity in diversity”, was minted in Belgium and presented to all the G-8 leaders attending the gathering in the Italian city of Aquila.
“We are discussing both the use of other national currencies, including the ruble, as a reserve currency, as well as supranational currencies,” Medvdev told reporters.
NEW ECONOMIC HIERARCHY
The Russian leader said he envisions a new economic hierarchy which would allow emerging-market giants such as Russia and China to drive the global agenda as the world emerges from the first global recession since the 1930s.
“We really live at a unique time, and we should use it to build a modern, prosperous and strong Russia, a Russia that will be a co-founder of the new world economic order,” Medvedev added.
Russia, alongside China and India, have all questioned the dollar’s future as a global reserve currency over the past year. Earlier this year, China called for the creation of a new global “supranational currency” such as the International Monetary Fund’s special drawing rights (SDR’s), to add stability to global financial markets.
The United Nations earlier this year published a report which called for the replacement of the U.S. Dollar and the creation of a global reserve bank and a new world currency to protect emerging markets from the “confidence game” of financial speculation.