World Bank President Says Financial Crisis is Shifting Balance of Power

Voanews.com By Mil Arcega Washington 30 September 2009 World Bank president Robert Zoellick says the U.S. dollar's role as the world's reserve currency may be diminishing as a result of the financial crisis. Although he says the dollar will remain a major economic force, Zoellick says the balance of power is shifting. And as the global financial system evolves, Zoellick says other currencies, including the Euro and the Chinese Yuan could become increasingly attractive alternatives.In the aftermath of the global economic meltdown, the head of the World Bank says the U.S. should not assume the dollar will always be the world's business currency. Speaking at the School of Advanced International Studies at Johns Hopkins University in Washington, Robert Zoellick says world finances are undergoing a seismic shift."The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency," he said. "Looking forward, there will increasingly be other options to the dollar."For the full story click here: http://www.voanews.com/english/2009-09-30-voa14.cfm