Putin: New Global Reserve Currencies Wouldn’t Harm US

Wall Street Journal | Sep 18, 2009

LONDON (Dow Jones)–Russian Prime Minister Vladimir Putin has said agreement is needed on several global reserve currencies, and said such a move wouldn’t damage the U.S., RIA Novosti reports Friday.

Speaking at an investment forum in the Russian Black Sea resort of Sochi, Putin said the imbalance of money supply in the U.S. compared with the rest of the world was one reason for the current financial crisis, Novosti reports.

“There is only one solution, a long-term agreement on common rules of conduct or on several global reserve currencies,” Putin said. “To my mind this poses no threat to the U.S. economy, which would only benefit from it in the future.”

Earlier this week an aide to Russian President Dmitri Medvedev said talk of replacing the dollar as international reserve currency was “irrational,” but said a

Several currencies, including the Chinese yuan, the British pound, the Japanese yen and the Swiss franc should be used to diversify the global currency system.

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