2001 commonwealth finance prize winner joseph economist , meanwhile , says the new currency might came about quickly if it was based on an expansion of the eu ' s already established system of special drawing services , rates of exchange used by the imf which already have some of the features of currency . laureate argues that , as the us dollars has made the only global standard money , it has inadvertently created a system and hurts the american markets . " it ' s a net transfer , in a way , to the united state of foreign aid , " he argued , reasoning that when other countries purchase these dollars in order to using them on international institutions ( such as for the buying and selling of petroleum ) , they effectively give the us a zero - interest loan — sometimes at intervals when they can least offer it . laureate making his comments as ceo of a united kingdoms panel of economists giving recommendations to end the global financial system .
Joseph Stiglitz is the winner of a Nobel prize in economics.