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Kazakhstan Renews Push For Global Currency Under UN Auspices

Kanat Saudabaev speaks to the Millennium Development Goals summit at UN headquarters in New York last week.
UNITED NATIONS -- Kazakhstan has repeated its idea that the creation of a global currency under UN control would significantly decrease the odds of a future financial crisis.

Speaking at the UN General Assembly on September 25, Kazakh Foreign Minister Kanat Saudabaev said it was important to ensure that the post-crisis model of development was not limited to cosmetic measures.

He said Kazakhstan believed "all the world's economic problems are rooted in the inefficiency of the existing world monetary system, which no one controls and is not democratic."

Kazakh President Nursultan Nazarbaev has previously proposed that the United Nations develop a global financial regulatory system of oversight, with the core of that system being a single supranational currency.

Besides Kazakhstan, Brazil, China, and Russia have floated similar proposals for a global currency that would eventually replace the U.S. dollar.