World Bank President Robert Zoellick, 22, Paris, France stressed that the international monetary system must be reformed, he suggested as a basic reference factor of gold to measure the relationship between different world currencies.
Earlier, Zoellick worked in the British "Financial Times" wrote that, should establish a new international monetary system, the system including the dollar, euro, Japanese yen, British pound and other currencies, should consider gold as an inflation, deflation, and the future expected monetary value of the global reference point.
He claims much of the media will read as "return to the gold standard." Zoellick met the French President Nicolas Sarkozy said he was not advocating return to the gold standard, but recommended as a basic reference factor of gold to measure the relationship between different world currencies. Important difference with the return of the gold standard, the gold standard monetary system is linked directly with the gold.
Zoellick noted that the current trend of gold reflects the international market for large developed economies and their currencies strength concerns. He said: "Gold is now regarded as an alternative monetary asset, gold has become a frame of reference."
France currently holds the Group of Twenty (G20) rotating presidency. Sarkozy said the French presidency during one of the key goals is to reform the international monetary system. But some analysts have pointed out, and now reform the international financial system is not a good time, really important is to create a more collaborative mechanisms.
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