Before turning to the G20 strategy, I would like to review a proposal by Zhou Xiaochuan, the Governor of the People’s Bank of China (Zhou, 2009).
After identifying a fundamental problem of the present international monetary system as stemming from the fact that a national currency is used as the main international reserve asset, Governor Zhou suggested that one of the goals of its reform should be creating “an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run”.