Upgrading Bretton Woods: A Case for “Currency Baskets”

... potentially be pursued on the basis of a basket mechanism and/or with the possibility of pegging the new currency to the BRICS basket. The bottom line is that we are only at the start of what may turn out to be an emphatic expansion in the array of reserve currencies with currency baskets being potentially among the most competitive and flexible instruments in the global economy. Such currency baskets could well include new regional currencies, if and when they emerge, as well as cross-regional currency baskets. The variety ...