Zoellick in the British "Financial Times" wrote that, since the Bretton Woods fixed exchange rate system in 1971 has been implemented since the disintegration of the so-called "Bretton Woods II" (Bretton Woods II) floating exchange rate system, the need for a successor. Since 2007, Zoellick served as World Bank president, he has served in the U.S. Treasury.
Zoellick called for a new system that "may need to include the U.S. dollar, euro, yen, pound sterling, and internationalization, and then open the capital account of the RMB." He added: "The system should also consider gold as an inflation, deflation and market expectations of future monetary value of the global reference point."
His view reflects a concern on the current global system - the United States and other countries accuse China of holding down its currency continued to intervene in currency markets, causing global current account imbalances and the resulting capital market distortions.
Held in South Korea this week, Heads of Government Meeting rate is likely to be more conflict. The United States, requiring States to sign the current account target program has been widespread opposition.
German Finance Minister Wolfgang Schäuble (Wolfgang Schäuble) further intensified the debate remarks, he said the U.S. economy is in "serious crisis" that coincided with the Federal Reserve (Fed) to the financial markets and a further injection of 6,000 billion to criticize the decision. "The Americans accused the Chinese intervention in the exchange rate on the one hand, on the other hand with national (central bank) is artificially low dollar printing presses, can be described as words and deeds."
While some called for a renewed from time to time the monetary value of gold as the benchmark, but most policy makers and economists believe that this approach may lead to excessive tightening of monetary policy, and to the economic growth and unemployment shocks.
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