Shi Jianxun U.S. mortgage bonds, mortgage agency bonds $ 100,000,000,000 $ 300,000,000,000 and total long-term bonds, these initiatives clearly show that the U.S. decision to printing money to solve the U.S. deficit problem. In today's world trade and the extensive use of national foreign exchange reserves the background of U.S. dollar, the U.S. dollar is actually spamming people of the world out of its crisis rapid depreciation of the dollar up wealth, but also to discredit the United States and the dollar.
dollar against the U.S. hegemony abuse of the practice in London before the summit of this, rebuild the global monetary and financial system and reforming the International Monetary Fund (IMF) the voice of the international financial institutions such as resurgence. Governor Zhou Xiaochuan of the People's Bank of China suggested that IMF Special Drawing Rights (SDR) to gradually replace the dollar as the international reserve currency in the world of great concern. then Brazilian President Lula said that China's proposal voice and representation, redistribution SDR quota. the United Nations financial and economic reforms Advisory Group March 26 to submit a report to the General Assembly to support the four countries, international reserve currency system. Indian Prime Minister Manmohan Singh said that the international financial crisis, developed countries have been unable to cope alone, must work with developing countries, especially emerging economies and strengthen cooperation. Australian Prime Minister Kevin Rudd also expressed support for a high profile in China, he urged the U.S. to take action to make China and the combination of global governance institution.
the London summit should not be reduced to empty, and there should be substantive program introduced. While the end of U.S. hegemony involves the complex from the economic to the political game is a long-term process, not results in the London summit, but the right words to expand in emerging markets should be at the G20 summit of this consensus and to develop clear and targeted road map and timetable. Currently, the emerging economies problems in dealing with world affairs, is playing an important role never before. Obviously, future global economic decision making can not be lack of participation of emerging economies. the only feasible solution is the solution not only to developed beneficial to the country, but also benefit developing countries.
First, the United States should pay full attention to the international community's strong voice, follow the historical trend of the development of a multipolar world, give up its veto IMF and the World Bank, in exchange for European countries to give up some share of voting rights and jobs for countries to temporarily maintain the dollar-based support; Second, the United States and Europe should abandon its fixed IMF and World Bank leadership, leading in turn to play by the continents or elected representatives; Third, the change in the IMF quota and voting power distribution, re-examination of fund shares, expansion of basic voting rights, to increase the representation and voting rights of developing countries; Fourth, expand the discourse expectations of stakeholders in a fair, reasonable principle, within its capacity to gradually increase the contribution of the IMF; fifth, agree and authorize the international financial system IMF has regulatory functions, increase the international financial markets, especially short-term capital flows and financial innovation, risk monitoring and early warning, increase the reserve currency of the country with the currency regulation and control of junk to safeguard international financial stability.
(of the special commentator for the newspaper, Professor of Economics and Management, Tongji University)
recent article links: 2009-03-27 | Zhou Xiaochuan, PK idealism realism Obama
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