Published in the Financial Times, 29 November 2007
Sir, In looking for a possible successor to the dollar as the global reserve currency (“Could the euro rule supreme? It’s not worth it”, November 27), the reality is that no currency and no national economy are strong enough to play that role any more. Welcome to the multi-polar world.
The absence of a single dominant power makes it all the more important how the different economic groupings relate to each other. Those European countries that have joined the euro have already learned that their domestic economic policies are of vital interest to each other.
The equivalent lesson needs to be learned at the global level and accompanied by common decision-making methods that are both effective and accountable.
Richard Laming, Director, Federal Union, London SE1 7BL, UK