JACKSON HOLE, WYOMING šC Bank of England Gov. Mark Carney took aim at the dollar¡¯s ¡°destabilizing¡± role in the global economy on Friday and said central banks might need to join together to create their own replacement reserve currency.
The dollar¡¯s dominance of the global financial system increases the risks of a liquidity trap of ultra-low interest rates and weak growth, Carney told central bankers from around the world at a symposium in Jackson Hole, Wyoming.
¡°While the world economy is being reordered, the U.S. dollar remains as important as when Bretton Woods collapsed,¡± Carney said, referring to the end of the dollar¡¯s peg to gold in the early 1970s.
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