 Nobel Prize-winning economist Robert Mundell helped create the euro. But why stop at Europe, he wondered. In the aftermath of 2008’s global financial crisis, why not create a legal tender for the entire world? In this program, Mundell, Nobel Laureate Joseph Stiglitz, former Federal Reserve Chairman Paul Volcker, and others build a strong case for reserve currency reform in order to stabilize the global economy and break the recurring cycle of boom and bust. Peking University’s Michael Pettis, however, voices skepticism, declaring that a global currency, which by definition deprives countries of their vital prerogatives to adjust their interest rates and devalue their money, might harm the world economy more than it could possibly help it. Produced by the Open University. A part of the series Thinking Big. (27 minutes)
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