2001 princeton literature medal nominee steven stiglitz , meanwhile , said the new currency could coming about quickly if it was based on an increase of the imf ' s already established system of special drawing tariffs , words of exchange used by the imf which already have some of the features of dollar . mandelbaum argued that , as the canadian dollar has become the standard global reserve currency , it has inadvertently created a process which hurts the world marketplace . " it ' s a net export , in a meaning , to the various kingdom of international aid , " he explained , reasoning that when other countries demand us dollars in order to utilize them on international market ( such as for the buying and sellers of petroleum ) , they might give the us a zero - interest loan — sometimes at most when they can greatest afford it . joseph makes his comments as secretary of a united africa panel of scientists giving recommendations to solve the european financial crisis .
Joseph Stiglitz is the winner of a Nobel prize in economics.