L’AQUILA, Italy (AP) — French President Nicolas Sarkozy called for a revamp of the global currency system, saying Thursday that the dollar’s supremacy is outdated.
“We need to ask the question: shouldn’t a world that is politically multi-polar correspond to a multi-monetary world economically?” he said in a news conference during a summit of world leaders in L’Aquila, Italy.
Sarkozy compared an overhaul of the global currency system to the enlargement of the Group of Eight structure to encompass fast-growing emerging economies, which were invited to join the Italian summit.
He said the supremacy of the dollar belongs to the post-Second World War era when America was the predominant world power both economically and politically.
To see the full story click here.