World bank - dollar to be "eclipsed"
America must brace itself for the dollar to be usurped as the world's reserve currency as US dominance wanes in the wake of the financial crisis, World Bank president Robert Zoellick warns today.
Speaking ahead of the World Bank/IMF annual meetings in Istanbul, Zoellick said that it was time for a "responsible globalisation", in which decision-making is more fairly shared between the old economic powers and fast-growing developing countries such as China and India.
Ever since the post-war Bretton Woods agreement, which cemented the dollar's ascendancy over sterling, Americans have been able to rely on borrowing cheaply from the rest of the world as governments banked on the dollar as a safe bet. But Zoellick said the greenback's status could now be under threat from the growing strength of the Chinese renminbi and the euro.
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