Dollar’s position is not guaranteed forever, other options are coming

 Robert Zoellick, World Bank President, warned the United States that the dollar’s position as a reserve currency should not be taken for granted as there are other options emerging on the world scene. Zoellick said global economic forces were shifting and it was time now to prepare for the fact that growth will come from multiple sources.

"The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency," he said. "Looking forward, there will increasingly be other options."

While a meeting of Group of 20 rich and developing countries in Pittsburgh on Thursday and Friday had made "a good start" toward increased global cooperation but they will have accept global monitoring of their activities, noted Zoellick.

He added that the G20, as the new chief forum for international economic cooperation, should not disregard other 160 nations outside the group and should create for them more opportunities.

"We need a system of international political economy that reflects a new multi-polarity of growth," Zoellick said. “It needs to integrate rising economic powers as 'responsible stakeholders' while recognizing that these countries are still home to hundreds of millions of poor and face staggering challenges of development."