The ‘Global Central Bank’ Pipe Dream

The ‘Global Central Bank’ Pipe Dream

Last week, the United Nations Conference on Trade and Development (UNCTAD) issued a report calling for sweeping changes in the international financial and monetary order. Arguing for a reduced role for the dollar, the report advocated for a global reserve bank with the power to issue its own currency, to monitor its members' national exchange rates, and to prop up or push down their currencies. In other words, UNCTAD is making the case for a global central bank.

The U.N. is not alone in calling for such a move. Since the eruption of the global financial crisis last fall and the accompanying loss of confidence in the U.S. economy, Russia and China have each called for the creation of a global currency in order to facilitate a transition away from the dollar as the world's primary reserve currency.

Setting aside the economics of the debate, what is the political feasibility of these proposals? History may help to answer this question.

Keep reading for free!

Get instant access to the rest of this article by submitting your email address below. You'll also get access to three articles of your choice each month and our free newsletter:

Or, Subscribe now to get full access.

Already a subscriber? Log in here .

What you’ll get with an All-Access subscription to World Politics Review:

A WPR subscription is like no other resource — it’s like having a personal curator and expert analyst of global affairs news. Subscribe now, and you’ll get:

  • Immediate and instant access to the full searchable library of tens of thousands of articles.
  • Daily articles with original analysis, written by leading topic experts, delivered to you every weekday.
  • Regular in-depth articles with deep dives into important issues and countries.
  • The Daily Review email, with our take on the day’s most important news, the latest WPR analysis, what’s on our radar, and more.
  • The Weekly Review email, with quick summaries of the week’s most important coverage, and what’s to come.
  • Completely ad-free reading.

And all of this is available to you when you subscribe today.