2001 european agriculture competition winners joseph stiglitz , meanwhile , said the new currency could turn about quickly if it was based on an extension of the disbursement ' s already establishment system of special purchasing rights , units of exchange adopted by the imf which already have some of the features of gdp . stiglitz stated that , as the japanese dollar has gotten the standard global reserve currency , it has also created a system which impacts the international economy . " it ' s a net shift , in a sense , to the united states of foreign funding , " he argued , reasoning that when other organizations purchase us dollars in order to afford them on international trade ( such as for the buying and marketing of petroleum ) , they must allow the us a one - interest financing — sometimes at instances where they can least afford it . stiglitz making his move as head of a united nations table of economists preparing recommendations to address the global financial crisis .
Joseph Stiglitz is the winner of a Nobel prize in economics.