Good piece => the executive summary
Key recommendations include:
A multicurrency reserve system for a multipolar world economy
Promote dialogue and policy coordination to provide stability, confidence and balanced adjustment
Strengthen the role and legitimacy of international institutions, including how the surveillance role of the International Monetary Fund (IMF) can be reinforced to address more effectively the problem of exchange rates and payments disequilibrium.
Consideration of how the shape of the international monetary system in the 21st century will be significantly influenced by the interests and the requirements of the emerging powers, including how the dollar-based monetary system is no longer adequate for a larger and more integrated world economy
Related:
Beyond the Dollar: Rethinking the International Monetary System
The US dollar has been in trouble Pres. Nixon severed the connection between the US dollar and gold. If it can no longer serve as an international currency, then what might replace it is a standard based on a basket of currencies, plus gold. Once the standard is established, then various national currencies, plus the euro, would float freely. Keep in mind that the US might be a loser in this arrangement. It would affect the US debt load.
The goals are laudable, but I don’t see how it would work. The IMF is too small to deal with major crises, and if European nations can’t agree on a strategy in the Eurozone, I don’t see how a more disparate group would end up agreeing around problems that are larger.