Dollar should not be reserve currency

Green Party conference motion on radical new international finance is passed! US$ and Euro should not be reserve currencies.

EC961 The tripartite global system regulating international finance should be replaced by three new bodies:

• an International Reserve Bank to administer the neutral international exchange currency (EBCU);
• an International Clearing Union to oversee goods and carbon trading;
• a General Agreement on Sustainable Trade.

EC962 All countries belonging to the tripartite system should make their currencies convertible but according to internationally negotiated and fixed exchange rates. Domestically countries would be expected to administer exchange controls

EC963 The global trading system would aim to achieve balance trade between countries; those which operated extended surpluses or deficits would be fined.

EC964 The US dollar should no longer be accepted as equivalent to gold in international transactions and other national or supra-national (i.e. the euro) currencies should no longer be used as international reserve currencies.

EC965 Their role should be taken on by a neutral international currency - the EBCU - linked to the right to produce carbon dioxide.