dollar should be replaced by a global currency, says UN report offers the most radical reform of the global financial system since the Second World War.

The report of the UN Conference on Trade and Development (UNCTAD) says that the global economy, linking the system of rules relating to the exchange and capital markets, inefficient, and is the main cause of financial and economic crises. According to the report, the current system, in which the dollar has the status of the global reserve currency, should be completely revised.

Although a number of countries, including China and Russia, have already offered to replace the dollar as global reserve currency, the report of UNCTAD is the first sentence of this kind by an international organization.

In fact, the report's authors propose a new system governed by international exchange, under which central banks will be forced to intervene and either maintain or reduce rates of national currencies, depending on the situation in the global economy. Their proposals also imply that countries with budget surpluses, such as China and Germany should continue to stimulate their economies to reduce the imbalance, while the current adjustment mainly engaged in countries with budget deficits, such as the United States and Britain.

Daily Telegraph quoted one of the authors of the report Detlef Kotte: Replacing the dollar artificial currency would solve several problems associated with the potential of countries with significant deficits, and contribute to stability. But also need a system of managed exchange rates. Countries should support the real exchange rates, adjusted for inflation at a stable level. The central banks will intervene, and if they do not, the need for intervention, they should indicate the international organizations such as the International Monetary Fund .

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