Thursday, November 13, 2008
"I am leaving tomorrow for Washington to explain that the dollar cannot claim to be the only currency in the world..., that what was true in 1945 can no longer be true today".
There have been many previous indications that the dollar would not remain the world's reserve currency for long. But this is a dramatic statement by a close American ally.
Reading between the lines, I am guessing that Sarkozy is pushing for a shift from the dollar to a basket of currencies as a world reserve standard, instead of a change to a single currency such as the Euro or the Yuan.
But we'll have to wait and see what Sarkozy is really advocating.