Bloomberg News

Dominant Dollar May Give Way to ‘Multipolar’ System, Merkel Says

October 06, 2011

Oct. 6 (Bloomberg) -- The dollar’s dominance may give way to a “multipolar” currency system as power shifts in the world economy, German Chancellor Angela Merkel said.

“We all know that the international currency system is a system in transition, that it will probably move in the future from a currency system that’s very strongly concentrated in one currency, that is the dollar, to a multipolar currency system,” Merkel said in Berlin today after talks on global currencies with International Monetary Fund Managing Director Christine Lagarde, World Bank President Robert Zoellick and Angel Gurria, the head of of the Organization for Economic Cooperation and Development.

The future of the global monetary system, including monitoring of capital flows, will form part of the discussion at next month’s Group of 20 summit in Cannes, France, she said.

To contact the editor responsible for this story: Tony Czuczka at aczuczka@bloomberg.net


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