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UN offers a new global reserve currency

29 March 2009 09:19 (UTC +04:00)

Bakuâ€“ APA-Economics. A United Nations panel of economists has proposed a new global currency reserve that would take over the US dollar-based system used for decades by international banks.
The proposal comes on the heels of the controversial call by China’s central bank governor, Zhou Xiaochuan, to create a new world currency reserve to replace the US dollar as part of a sweeping overhaul of global finance, which is suffering its worst crisis since the Great Depression of the 1930s.
China and many developing countries blame the crisis on US mishandling of overextended mortgage loans and investments in them.
"A new global reserve system... with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations, could contribute to global stability, economic strength and global equity," the panel said in a document released in New York.
The call was issued at the end of a three-day conference at UN headquarters in New York on Friday.
Earlier this week, the US said it was open to enlarging the International Monetary Fund’s (IMF) currency reserves, but insisted the dollar would remain "the world’s dominant reserve currency".
The call comes just days before the world’s 20 largest economies (G20) were to meet in London to chart a way out of the global recession.
The UN panel said a new global reserve would be "feasible, non- inflationary and could be easily implemented". It said it would help lessen the difficulties now caused by unbalanced adjustments between surplus and deficit countries.
The 22-member panel is headed by Nobel Economics Prize laureate Joseph Stiglitz, a frequent critic of past US fiscal policy.
"The nature of this crisis has opened up opportunities for change that I think would not have been conceivable even a few months ago," Stiglitz said on Thursday.
The panel made several recommendations to deal with the financial crisis, which it said requires the cooperation of rich and poor nations together to take strong and effective actions to stimulate their economies.
Stiglitz said there has been a growing consensus among UN members that the US dollar-based financial system is problematic. But he warned that the idea of a new global reserve is still a concept that panelists are debating.
He said the current system was "relatively volatile, deflationary, unstable and (had) inequity associated with it".
"Developing countries are lending the United States trillions dollars at almost zero interest rates when they have huge needs themselves," Stiglitz said. "It’s indicative of the nature of the problem. It’s a net transfer, in a sense, to the US, a form of foreign aid."
The panel, known as the Commission of Experts on Reform of International Finance and Economic Structures, was established by the UN General Assembly last year to deal with the widening economic and financial crisis.
The panel believes the creation of a new global reserve would help poor countries through an improved credit system, built on a system of special drawing rights (SDRs) set up by the International Monetary Fund after World War II.
China’s call for a replacement of the US dollar has made the UN proposal for a new currency reserve stronger. Some panelists suggested the SDRs could be used as a new standard of a global reserve currency. Theage, AAP

BÃ¶hran ÅŸÉ™raitindÉ™ vahid dÃ¼nya valyutasÄ±nÄ±n yaradÄ±lmasÄ± barÉ™dÉ™ mÃ¼zakirÉ™lÉ™r daha da intensivlÉ™ÅŸib. DÃ¼nyanÄ±n iri inkiÅŸafda olan Ã¶lkÉ™lÉ™rinin tÉ™ÅŸÉ™bbÃ¼sÃ¼ ilÉ™ aÃ§Ä±lan bu mÃ¼zakirÉ™lÉ™rÉ™ artÄ±q BeynÉ™lxalq Valyuta Fondu (BVF) da qoÅŸulub. Â«APA-EconomicsÂ»in mÉ™lumatÄ±na É™sasÉ™n, BVF-nÄ±n baÅŸÃ§Ä±sÄ± Dominik Stross-Kan bÉ™yan edib ki, Â«ehtiyat dÃ¼nya valyutasÄ± barÉ™sindÉ™ diskussiya haqlÄ±dÄ±r vÉ™ mÃ¶vcud olmaq hÃ¼ququna malikdir, lakin bu mÃ¼zakirÉ™lÉ™r bir neÃ§É™ ay Ã§É™kÉ™cÉ™kÂ».
XatÄ±rladaq ki, Ã‡in Xalq BankÄ±nÄ±n baÅŸÃ§Ä±sÄ± Ã‡jou SÉ™oÃ§uan bÉ™yan edib ki, hazÄ±rda ayrÄ±-ayrÄ± Ã¶lkÉ™lÉ™rÉ™ baÄŸlÄ± olmayan vÉ™ uzunmÃ¼ddÉ™tli gÉ™lÉ™cÉ™kdÉ™ sabitliyini qoruyub saxlayan Ã¼mumdÃ¼nya ehtiyat valyutasÄ±nÄ±n yaradÄ±lmasÄ± zÉ™ruridir. Analoji bÉ™yanatla Rusiya da Ã§Ä±xÄ±ÅŸ edib. Bu tÉ™ÅŸÉ™bbÃ¼slÉ™rÉ™ ABÅž hÃ¶kumÉ™ti dÉ™rhal cavab verib. BelÉ™ ki, ABÅž prezidenti Barak Obama, Federal Ehtiyat Sisteminin baÅŸÃ§Ä±sÄ± Ben Bernanke vÉ™ maliyyÉ™ naziri Timoti Qeytner Ã¶z Ã§Ä±xÄ±ÅŸlarÄ±nda birmÉ™nalÄ± olaraq bu tÉ™kliflÉ™ri rÉ™dd edÉ™rÉ™k, bÉ™yan ediblÉ™r ki, dollarÄ±n mÃ¶vqelÉ™ri Ã§ox gÃ¼clÃ¼dÃ¼r vÉ™ vahid dÃ¼nya ehtiyat valyutasÄ±nÄ±n yaradÄ±lmasÄ±na heÃ§ bir ehtiyac yoxdur. B.ObamanÄ±n sÃ¶zlÉ™rinÉ™ gÃ¶rÉ™, Â«dollar Ã§ox gÃ¼clÃ¼dÃ¼r, Ã§Ã¼nki investorlar tÉ™rÉ™findÉ™n ABÅž dÃ¼nyanÄ±n É™n gÃ¼clÃ¼ iqtisadiyyatÄ± olan Ã¶lkÉ™ vÉ™ dÃ¼nyanÄ±n É™n sabit siyasÉ™t sistemi hesab olunurÂ».
SÃ¶zÃ¼gedÉ™n mÃ¼zakirÉ™dÉ™ É™sas mÉ™sÉ™lÉ™lÉ™rdÉ™n biri vahid valyutanÄ±n yaradÄ±lmasÄ± vÉ™ ya sadÉ™cÉ™ dÃ¼nya miqyasÄ±nda dollara alternativ valyutanÄ±n tapÄ±lmasÄ± sualÄ± ilÉ™ baÄŸlÄ±dÄ±r. HazÄ±rda dollara alternativ kimi yalnÄ±z avro Ã§Ä±xÄ±ÅŸ edÉ™ bilÉ™r, lakin bunun Ã¼Ã§Ã¼n bir sÄ±ra ÅŸÉ™rt vÉ™ amillÉ™r vacibdir. Avronun 1999-cu ildÉ™ yaranmasÄ±na baxmayaraq, hazÄ±rda dÃ¶vriyyÉ™dÉ™ olan naÄŸd avronun hÉ™cmi 610 mlrd-a bÉ™rabÉ™rdir ki, bu da hÉ™tta naÄŸd dollarÄ±n hÉ™cmindÉ™n dÉ™ Ã§oxdur. Eyni zamanda neft, qÄ±zÄ±l, taxÄ±l vÉ™ bu kimi dÃ¼nya miqyaslÄ± ticarÉ™t mÃ¶vqelÉ™ri Ã¼zrÉ™ hesablaÅŸmalar vÉ™ kotirovkalarÄ±n aparÄ±lmasÄ± proseslÉ™rindÉ™ dollardan avroya keÃ§id barÉ™dÉ™ Ã§aÄŸÄ±rÄ±ÅŸlar da dollarÄ±n zÉ™iflÉ™mÉ™sinÉ™ vÉ™ avronun gÃ¼clÉ™nmÉ™sinÉ™ xidmÉ™t edÉ™ bilÉ™r. Lakin bÃ¼tÃ¼n iqtisadÃ§Ä±lar vÉ™ analitiklÉ™r qeyd edirlÉ™r ki, hazÄ±rda avronun mÃ¶vqelÉ™ri dollardan geri qalÄ±r vÉ™ bu valyutanÄ±n dÃ¼nya miqyaslÄ± valyuta rolunu oynayacaÄŸÄ± real gÃ¶rÃ¼nmÃ¼r.
BelÉ™liklÉ™, ortaya yeni vahid valyutanÄ±n yaradÄ±lmasÄ± mÉ™sÉ™lÉ™si Ã§Ä±xÄ±r, lakin bunun da mÃ¼É™yyÉ™n xÃ¼susiyyÉ™tlÉ™ri var. MÉ™sÉ™lÉ™n, neft ixrac edÉ™n Ã¶lkÉ™lÉ™rin (OPEC) vahid valyutasÄ±, Asiya valyuta vahidi vÉ™ ya BVF-nin XÃ¼susi Borcalma HÃ¼quqlarÄ±nÄ±n (SDR) bazasÄ±nda vahid ehtiyat valyutasÄ±nÄ±n yaradÄ±lmasÄ± ideyasÄ± Ã§É™tinliklÉ™rlÉ™ Ã¼zlÉ™ÅŸÉ™cÉ™k. BelÉ™ ki, birinci variantda valyuta hÉ™m neftin qiymÉ™tindÉ™n asÄ±lÄ± olacaq, hÉ™m dÉ™ alternativ enerji daÅŸÄ±yÄ±cÄ±larÄ±nÄ±n yaradÄ±lmasÄ± Ã¼zrÉ™ fÉ™al iÅŸlÉ™rin aparÄ±lmasÄ±na gÃ¶rÉ™ qÄ±samÃ¼ddÉ™tli ola bilÉ™r. HÉ™lÉ™ 2006-cÄ± ildÉ™ Asiya Ä°nkiÅŸaf BankÄ±nÄ±n qÉ™rarÄ± ilÉ™ yaradÄ±lan vÉ™ Asiya-Sakit okean regionunun 13 Ã¶lkÉ™sinin valyutasÄ±nÄ± birlÉ™ÅŸdirÉ™n Asiya valyuta vahidi (ACU) Ã¼Ã§ il keÃ§mÉ™sinÉ™ baxmayaraq, nÉ™ vahid regional valyuta, nÉ™ dÉ™ zÉ™if hesab olunan Ã¶lkÉ™lÉ™rin valyuta vahidlÉ™rini É™vÉ™z edÉ™ bilib. ÆlavÉ™ olaraq regionun mÃ¼xtÉ™lif Ã¶lkÉ™lÉ™rinin iqtisadi inkiÅŸaf sÉ™viyyÉ™lÉ™rinin hÉ™ddindÉ™n artÄ±q dÉ™rÉ™cÉ™dÉ™ fÉ™rqlÉ™nmÉ™si baxÄ±mÄ±ndan ACU-nun vahid Asiya valyutasÄ±na Ã§evrilmÉ™si dÉ™ real gÃ¶rÃ¼nmÃ¼r.
Buna gÃ¶rÉ™, hazÄ±rkÄ± mÉ™rhÉ™lÉ™dÉ™ vahid dÃ¼nya valyutasÄ±nÄ±n yalnÄ±z SDR-in bazasÄ±nda yaradÄ±lmasÄ± mÃ¼zakirÉ™lÉ™rinin É™saslarÄ± var. BVF-nin dÉ™ bu mÃ¼zakirÉ™lÉ™rdÉ™n kÉ™narda qalmamasÄ± vÉ™ hÉ™tta mÃ¼vafiq tÉ™ÅŸÉ™bbÃ¼slÉ™ri mÃ¼É™yyÉ™n dÉ™rÉ™cÉ™dÉ™ dÉ™stÉ™klÉ™mÉ™si hÉ™min amildÉ™n irÉ™li gÉ™lir. Qeyd edÉ™k ki, bir sÄ±ra Ã¶lkÉ™nin BVF-da olan payÄ± artÄ±q SDR-da nominallaÅŸÄ±b ki, bu da prosesÉ™ baza kimi qÉ™bul oluna bilÉ™r. Lakin É™sas mÉ™qam siyasi mÉ™sÉ™lÉ™ ilÉ™ baÄŸlÄ± olacaq: ABÅž-Ä±n bu sahÉ™dÉ™ mÃ¶vqelÉ™ri Ã§ox gÃ¼clÃ¼dÃ¼r vÉ™ rÉ™smi VaÅŸinqtonun dollardan imtina etmÉ™si heÃ§ bir variantda real gÃ¶rÃ¼nmÃ¼r.