Poslední dny dolaru?

CAMBRIDGE – Čou Siao-čchuan, guvernér Lidové banky Číny, nedávno nadnesl, že kdyby se dolar jako dominantní rezervní měna nahradil zvláštními právy čerpání (SDR) Mezinárodního měnového fondu, přineslo by to větší stabilitu globální finanční soustavy. Nápad reformovat systém zavedením nadnárodní rezervní měny podle všeho podporuje i Rusko a další rozvíjející se trhy. Za novou globální rezervní měnu, která by se mohla zakládat na SDR, se zasazuje i poradní výbor Organizace spojených národů, jemuž předsedá laureát Nobelovy ceny Joseph Stiglitz.

Přebudovat dolarový standard na systém založený na SDR by byl výrazný odvrat od politiky, která přetrvává už déle než 60 let. SDR byla zavedena před 40 lety, aby doplnila hladinu globálních rezerv, která se tehdy považovala za nedostatečnou, a následně byla zapracována do novelizované zakládající listiny MMF jako budoucí hlavní rezervní aktivum.

Svět ale brzy zaplavily dolary. Takže místo aby se SDR staly hlavním rezervním aktivem světové soustavy, jejich podíl na globálních rezervách se zmenšil na nepatrný zlomek a proměnily se v měnový ekvivalent esperanta.

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