Mark Carney criticizes reliance on US dollar, suggests possibility of multilateral digital asset
The Bank of England's governor, Mark Carney, the Bank of England governor, has said that the world’s reliance on the US dollar “won’t hold” and needs to be replaced by a new international monetary and financial system based on many more global currencies. Part of the solution could come from a multilateral digital currency. The Financial Times story is here.
Minilateralism's Author Discusses Libra, Facebook's Proposed Global Cryptocurrency
On July 17, 2019, Georgetown Law Professor Chris Brummer — the faculty director of the Institute of International Economic Law (IIEL) and author of Minilateralism — testified before the House Financial Services Committee with respect to Libra, Facebook’s proposed cryptocurrency. The hearing was chaired by Rep. Maxine Waters (D-CA) and Ranking Member Patrick McHenry (R-NC).
Professor Brummer Delivers Talk at the Bank of England
Minilateralism's author, Chris Brummer, delivered a talk at a conference sponsored by the Bank of England and Queen Mary's Centre for Commercial Law Studies exploring regulatory perimeter, cross-border dimension and virtual currencies.
Professor Brummer's remarks centered on the tradeoffs involved in the regulation--and deregulation--of financial innovation, and the challenges posed to international financial coordination.