Economics
Carney’s Libra Idea Shows How the Dollar Is Everyone’s Problem
- World central bankers ponder dilemma at Jackson Hole retreat
- Desire to avoid total dollar’s dominance is ‘healthy’: Posen
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Current and former central bankers in Jackson Hole, Wyoming, weren’t sure if Mark Carney’s idea for a virtual reserve currency is the answer, but they agree that the dollar’s dominance is a problem.
The Bank of England governor used the Kansas City Federal Reserve’s annual symposium to set out a radical goal -- invent a Libra-like currency, based on several widely-used ones -- that would eventually replace the dollar’s role in international transactions.