According to Bloomberg:
The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said.
UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said today in a report.
I’m not sure that ditching a national monetary policy is the best course of action for the United States. Nor do I think the American people support forfeiting their monetary sovereignty to the “global community.”
Milton Friedman has this to say about a global currency:
I view it as a monstrosity—on a par with my reaction to world government, for that is what a common currency amounts to for one aspect of economic activity. As a citizen of the United States, I find it bad enough that we have developed monetary arrangements under which so much power has been vested in a small group of unelected individuals, subject only indirectly to political control. I find it far worse to vest so much power in individuals chosen by international negotiation, individuals who are not accountable in any meaningful way at the ballot box.
Posted by Ariel Goldring 
