United Nations experts to recommend move from dollar to a shared currency CCY

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UN Panel says world should ditch dollar

by Jeremy Gaunt

Mar 18 (Reuters) — A United Nations panel of experts

Who don’t understand how monetary systems work….

will recommend next week that the world move away from using the dollar as a reserve currency and adopt a shared basket of currencies instead, one of its members said on Wednesday.

Avinash Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.

“It is a good moment to move to a shared reserve currency,” he told the Reuters Funds Summit in Luxembourg.

He doesn’t either.

The United States, he said, was finding it hard to manage policy while remaining the reserve currency and the rest of world was also unhappy with the generally declining dollar.

Persaud said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform.

More of the blind leading the blind.