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Carney Urges Libra-Like Reserve Currency to End Dollar Dominance

  • BOE governor says global economic order needs dramatic revamp
  • Sees benefits to markets, economies from a multipolar system
Bloomberg business news
Carney Proposes Libra-Like Reserve Currency to End Dominance of Dollar

Mark Carney laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a Libra-like virtual one.

Just a few months before he steps down as Bank of England governor, Carney offered his vision for the international economy at a time of sweeping change. Trade wars and the threat of currency wars are hurting growth and upending multilateral cooperation, while central banks are trapped in a low interest-rate world as they struggle to revive inflation.