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G-20 open to idea of global currency: Brown

April 03, 2009 19:24 IST

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G-20 leaders are open to considering the Chinese proposal of an alternate global currency, but the issue did not come up for discussion during the Summit, said UK Prime Minister Gordon Brown.

"We will look at every proposal that comes forward. . .we do not have detailed proposal on that," he said when asked whether the Chinese proposal of an alternative to the dollar came up for discussion at the global leaders' meeting.

People want the international financial institutions to help countries come out of the economic crisis, he said, adding, "the issue about international currencies have not led to detailed proposals from anyone."

Before the Summit, US President Barack Obama did not favour the Chinese idea of a new global currency by pointing out that dollar is 'extraordinarily strong'.

Obama had said, "The reason that the dollar is strong right now is because investors consider the US the strongest economy in the world, with the most stable political system in the world."

Governor of China's central bank Zhou Xiaochuan last month said that the dollar could possibly be replaced by IMF created Special Drawing Right as super-sovereign reserve currency.

Reacting on the possibility of an alternate global currency, Prime Minister Manmohan Singh had said last month, "I have not seen any such proposal. It is too early to talk about common currency."



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