Padoa-Schioppa: “Il sogno di una moneta mondiale”
"...We begin the euro. With the look down where he sees?
If the crisis would lead to a massive shift in composition of reserves and a strong weakening of the dollar, the euro would appreciate excessively; for Europe would then be a problem, a big problem.
So the "lesson for the future" is a new single currency as requested by the Chinese?Do not you just ask the Chinese. They talk for a long time one of the sharpest economic minds of our time such as Robert Mundell and an influential former U.S. central banker Paul Volcker as. I am convinced that China has raised an issue ripe. If you did it out of interest - as Paul Krugman - that is because he has accumulated too many dollars, it can be. In any case it is a legitimate reason, because you can not ask to be in Beijing when all altruistic act of self-interest. The point, rather, is to understand what a coincidence between reason of state of China and the global public interest. In any case, as a former central banker I think when it comes to global standards, even before those lawyers should look at the money, which is an economic function, even if legally bound to a substrate. In short, I think that this crisis poses the problem of a new international monetary standard. His absence and the absence of the discipline it imposes is one of the root causes of the current crisis...."
First there was the coupling of the currency to gold ...
"If there was still quell'aggancio in recent years the countries that accumulated large external deficits - like the United States - would have to convert a part of their gold, and the consequent scarcity of gold reserves would have forced to change course.
O to terminate the Agreement, as did the U.S. dollar which dropped from the yellow metal.
It is true, in '71 the U.S. commitment is subtracted. For years the '"air" of the dollar has continued to fly driven by political and economic force in the United States. But I do not think that if you look at the world of tomorrow, when there will be 4-5 or 6 global giants, they may accept that the currency of one of them is the currency of all. Even if the issue is not on the agenda when it comes to international standards I think we should reflect on the world currency.
But how would the world with one currency?
I do not know, is a project that is urgent work and think hard, and I doubt that the solution is a single currency. It's different to imagine an object that flies and invent the airplane. Today we know enough to say that we need an object that flies, a common measure to impose discipline in the world monetary system. On a global scale does not seem feasible solution types euros, based on the model of the single currency - a "globus" for example - and one of the central bank. Rather, I see a building with two levels: a global standard governed in common with regional currencies and exchange rates are no longer left entirely to the market..."
[Mrt: http://translate.google.com/#auto|en| used]
[Mrt: Whoah! What interesting information & It sounds somehow familiar.]
[Mrt: TPS + Oro = http://www.tommasopadoaschioppa.eu/?s=oro]