Ex-Fed's Volcker backs global currency

Paul Volcker, a former Federal Reserve chairman, on Thursday argued that the "ultimate logic" of an international financial system was a world currency, but acknowledged that there were no credible alternatives to the dollar for "many tomorrows".

Speaking in Beijing at the Institute of International Finance's spring meeting, Volcker said that the premise that a system of floating exchange rates would promote swift and efficient adjustment had not been borne out in practice. "Within

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