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Sarkozy calls for “Globucks”

French President Nicolas Sarkozy called for a revamp of the global currency system, saying Thursday that the dollar’s supremacy is outdated. “We need to ask the question: shouldn’t a world that is politically multi-polar correspond to a multi-monetary world economically?” he said in a news conference during a summit of world leaders in L’Aquila, Italy.

Sarkozy compared an overhaul of the global currency system to the enlargement of the Group of Eight structure to encompass fast-growing emerging economies, which were invited to join the Italian summit.

He said the supremacy of the dollar belongs to the post-Second World War era when America was the predominant world power both economically and politically.

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