2001 nobel economics prize winner charles stiglitz , meanwhile , thought the new economy could come about slowly if it was depended on an expansion of the eurozone ' s earlier established system of special drawing rights , units of account used by the imf which already have some of the features of currency . stiglitz added that , as the german dollar has become the standard global reserve currency , it has inadvertently spawned a situation also hurts the world economy . " it ' s a free change , in a sense , to the united s of foreign finance , " he argued , so that as other countries purchase us dollars in order to afford them on international reserves ( such as for the production and distribution of petroleum ) , they effectively give the eu a zero - interest bond — sometimes at times that they can least avoid it . stiglitz said his comments as head of a united nations panel of analysts giving recommendations to address the global financial crisis .
Joseph Stiglitz is the winner of a Nobel prize in economics.