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Old 03-31-2009, 04:21 PM   #1
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Default G20 not ready yet for New World Currency Debate

G20 not ready yet for New World Currency Debate

Mon Mar 30, 2009 9:39pm EDT

PARIS (Reuters) - This week's G20 summit will demonstrate how fast the balance of power is shifting from the old U.S.-led economic order towards emerging market nations, although it is way too early for a productive debate about a new world currency.

Beijing is pushing for more power in key institutions such as International Monetary Fund and, more dramatically, China and Russia are both saying it is now time to consider shifting away from a dollar-dominated world.

While the immediacy of the worst economic downturn since the Great Depression may leave little room for conclusive discussion at the summit, Beijing and Russia have already opened the debate about a more fundamental shift in the global economic order.

In one sense, their timing is right, because the entire world is hit by a crisis that snowballed out of the United States.

In another, it is awful because nobody at the G20 summit really wants to fray financial market nerves any further.

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