MaximsNewsNetwork: 28 September 2009 - World Bank President Robert Zoellick says the world-wide economic crisis is hastening massive shifts in trade, currency markets, and the role of developing countries.
World Bank President Robert Zoellick told an audience at Johns Hopkins
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University that world finances are undergoing seismic changes.
One of those changes, he said, might be the end of the dominance of the US dollar.
SOUNDBITE (English) Robert Zoellick, President, World Bank:
The United States would be mistaken to take for granted the dollars place as the worlds predominant reserve currency. Looking forward, there will increasingly be other options to the dollar.
Zoellick also questioned the role of central banks, especially the United States Federal Reserve. Zoellick said the banks responded well to the financial crisis once it hit, but failed to do enough to avert it. And he also argued that countries and institutions should hold each other accountable to doing what they say they will do.
SOUNDBITE (English) Robert Zoellick, President, World Bank:
The old international economic order was struggling to keep up with change before the crisis. Todays upheaval has revealed the start gaps and compelling needs. It is time we caught up and moved ahead.
Zoellick urged the G20, the worlds richest nations, to remember those 160 countries that are not part of the group, both as needing assistance and as engines for future growth.
SOUNDBITE (English) Robert Zoellick, President, World Bank:
A more balanced and inclusive growth model for the world would benefit from multiple poles of growth. With investments in infrastructure, people, and private businesses, countries in Latin America, Asia, and the broader Middle East could contribute to a New Normal for the world economy.
Zoellicks spoke in Washington as the World Bank and International Monetary Fund are preparing to hold their annual meetings to further address these issues, in Istanbul next week.
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