¿Los últimos días del dólar?

CAMBRIDGE – Zhou Xiaochuan, el gobernador del Banco Popular de China, recientemente sugirió que reemplazar al dólar por los Derechos Especiales de Giro del Fondo Monetario Internacional como la moneda de reserva dominante aportaría mayor estabilidad al sistema financiero global. La idea de reformar el sistema mediante la introducción de una moneda de resera supranacional, al parecer, también es respaldada por Rusia y otros mercados emergentes. Y un comité asesor de las Naciones Unidas presidido por el premio Nobel Joseph Stiglitz defendió una nueva moneda de reserva global, posiblemente basada en los DEG.

Transformar el patrón dólar en un sistema basado en los DEG sería un alejamiento importante de una política que ha perdurado durante más de 60 años. Los DEG se introdujeron hace 40 años para complementar lo que entonces era visto como un nivel inadecuado de reservas globales, y posteriormente fueron venerados en los Artículos de Acuerdo enmendados del FMI como el futuro activo de reserva principal.

Pero el mundo pronto se inundó de dólares. De modo que, en lugar de convertirse en el activo de reserva principal del sistema global, la proporción de DEG en las reservas globales se achicó a una mínima fracción, convirtiendo al DEG en el equivalente monetario del Esperanto.

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