ECB’s Nowotny Sees Global ‘Tri-Polar’ Currency System Evolving
Jonathan Tirone - Oct. 19
European Central Bank council member Ewald Nowotny said a “tri-polar” global currency system is developing between Asia, Europe and the U.S. and that he’s skeptical the U.S. dollar’s centrality can be revived.
“What I see is a system where we have more centers of gravity” Nowotny said today in an interview with Austrian state broadcaster ORF-TV. “I see for the future a tri-polar development, and I don’t think that there will be fixed exchange rates between these poles.”
The leaders of the U.S., France and the European Commission will ask other world leaders to join in a series of summits on the global financial crisis beginning in the U.S. soon after the Nov. 4 presidential election, President George W. Bush, French President Nicolas Sarkozy and European Commission President Jose Barroso said in a joint statement yesterday.