The Head of The Bank of England Mark Carney said the US dollar, which is the global reserve currency, needs to be replaced with a digital currency similar to Libra.
According to Carney, trade wars are detrimental to growth and disrupt multilateral cooperation, while central banks live in a world with low interest rates as they struggle to recover from inflation.
"The combination of heightened economic policy uncertainty, outright protectionism and concerns that further, negative shocks could not be adequately offset because of limited policy space is exacerbating the disinflationary bias in the global economy. What then must be done?"Said Carney at the annual meeting of the US Federal Reserve in Wyoming.
He stressed that in the near future, banks will have to cope with the situation "the old fashioned way." However, according to Carney, the global reserve currency, which is the US dollar, needs to be replaced with some form of global digital currency such as Libra stablecoin. This will be better than changing the dollar to another fiat currency, such as the Chinese yuan.
"In the longer term, we need to change the game. When change comes, it shouldn't be to swap one currency hegemon for another,"said Carney.
In July, the head of the Bank of England said that society needs to recognize the problems that Facebook is trying to solve using the Libra project. He stressed that slow and expensive payments within the country and between states "stifle" the economy.
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