Dear Ocampo, I absolutely agree with you: the time for the SDR is now - more than ever. Considering the G20 presidencies in 2015 and 2016 being held by emerging powers, it is time to put this very important institutional creation in practice to solve liquidity problems of emerging and developing countries. However, I disagree with you on how to do that: the future of the SDR, in my opinion, is less as world money and more as central hub for liquidity in a variety of supranational currencies (including, the RMB). The focus of the policy debate should change from the SDR as money per se towards the improvement of the SDR Department. I explained my argument in a recent policy brief published by the GEG /University of Oxford: http://www.globaleconomicgovernance.org/avoiding-next-liquidity-crunch-how-g20-must-support-monetary-cooperation-increase-resilience-crisis
Thank you for your op-ed. It is very insightful! All the best, Camila Duran
Camila Villard Duran
Camila Villard Duran is Professor of Law at the University of São Paulo, Senior Research Associate at the Global Economic Governance Programme at the University of Oxford, and Visiting Researcher at the ISJPS at Paris 1 Panthéon-Sorbonne University.