World leaders should give urgent attention to reaching consensus on creating a global reserve system that would replace the US dollar as the main international currency, the United Nations General Assembly was told yesterday.
The recommendation, by an advisory committee set up by the 192-member world body, followed China's proposal this week for an extension of the use of special drawing rights (SDRs) created by the International Monetary Fund and the eventual replacement of the dollar as the world's reserve currency.
Russia weighed into the growing debate by proposing a conference of government representatives and experts aimed at drafting international agreements on a new global monetary and financial architecture.
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