The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency. ...
Developing countries have been hit by the U.S. dollar's loss of value in recent years. ...
Motivated in part by needs for self-insurance against volatility in commodity markets and capital flows, many developing countries accumulated vast amounts of such (U.S. dollar) reserves during the 2000s. ...
(... replacing the dollar with the International Monetary Fund's special drawing rights (SDRs), an international reserve asset that is used as a unit of payment on IMF loans and is made up of a basket of currencies.) ...
A new global reserve system could be created, one that no longer relies on the United States dollar as the single major reserve currency. ...
A new reserve system must not be based on a single currency or even multiple national currencies but instead, should permit the emission of international liquidity -- such as SDRs -- to create a more stable global financial system. ...
Such emissions of international liquidity could also underpin the financing of investment in long-term sustainable development.
UN World Economic and Social Survey 2010
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