Die letzten Tage des Dollars?

CAMBRIDGE: Der chinesische Notenbankchef Zhou Xiaochuan hat kürzlich nahe gelegt, dass eine Ablösung des Dollars als vorherrschende Reservewährung durch Sonderziehungsrechte (SZRs) des Internationalen Währungsfonds zu einer Stabilisierung des globalen Finanzsystems betragen würde. Die Idee einer Reform des Systems durch Einführung einer supranationalen Reservewährung wird außerdem, so scheint es, von Russland und anderen Schwellenmärkten unterstützt. Und auch ein beratender Ausschuss der Vereinten Nationen unter Leitung des Nobelpreisträgers Joseph Stiglitz hat sich für eine neue globale Reservewährung möglicherweise auf der Grundlage von SZRs ausgesprochen.

Die Umwandlung des Dollarstandards in ein SZR-basiertes System wäre ein wichtiger Bruch mit einer Politik, die mehr als 60 Jahre lang Bestand hatte. SZRs wurden vor 40 Jahren eingeführt, um das nach damaliger Sicht unzureichende Niveau globaler Reserven aufzustocken, und in der Folge als zukünftiger hauptsächlicher Reservewert in den novellierten Statuten des IWF verankert.

Bald jedoch schwamm die Welt in Dollars. Und statt dass sie sich zum hauptsächlichen Reservewert des globalen Systems entwickelten, schrumpfte der Anteil der SZRs an den weltweiten Reserven auf einen winzigen Bruchteil, was diese zur geldpolitischen Entsprechung des Esperanto machte.

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