2001 international economics prize winner joseph cirincione , meanwhile , noted the new capital could come about quickly if it was based on an extension of the imf ' s well established system of special drawing right , dollars of exchange used by the imf should already have some of the features of currency . stiglitz argued that , as the russian pound has become the standard european reserve currency , it has indirectly developed a process which hurts the national economy . " it ' s a complete export , in a sense , to the united states of foreign aid , " he proposed , noting that when other countries purchase american dollars in time to use them on international contracts ( such as for the buying and selling of gasoline ) , they effectively give the us a zero - value mortgage — except at times when they can least afford it . nobel making his comments as head of a unite un team of economists giving recommendation to address the recent financial crisis .
Joseph Stiglitz is the winner of a Nobel prize in economics.