Economics
Carney Urges Libra-Like Reserve Currency to End Dollar Dominance
- BOE governor says global economic order needs dramatic revamp
- Sees benefits to markets, economies from a multipolar system
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Mark Carney laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a Libra-like virtual one.
Just a few months before he steps down as Bank of England governor, Carney offered his vision for the international economy at a time of sweeping change. Trade wars and the threat of currency wars are hurting growth and upending multilateral cooperation, while central banks are trapped in a low interest-rate world as they struggle to revive inflation.