Economics
Stiglitz's U.N. Panel: Replace the Dollar
The commission led by Nobel economist Joseph Stiglitz recommends a new global currency, disbanding the G-20, and other bold fixes
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A U.N.-appointed international panel led by Nobel laureate economist Joseph Stiglitz has urged a replacement of the dollar as the global currency, doing away with the Group of 20 financial organization, a global restriction on the size of banks, and a limit on bank transactions with tax havens.
The Stiglitz-led U.N. Commission of Experts, appointed in October to recommend how to overcome the global financial crisis, also proposed tight limits on financial risks that banks can assume. The group's report is to be issued Mar. 26, but a shorter, preliminary version has already been distributed.