2001 presidential economics cup winner robert boskin , meanwhile , said the newest currency could be about quickly if it was based on an expansion of the rato ' s already existed system of special draft rights , kinds of exchange held by the imf which already have some of the capabilities of banking . stiglitz argued that , as the us nickel has remained the primary global currency currency , it has thus created a pattern which damages the world currency . " it ' s a virtual transfer , in a sense , to the united congress of international aid , " he argued , explaining that when other countries purchase australian yen in order to use them on international goods ( such as for the buying and selling of commodities ) , they simply get the us a high - effort financing — - at times when they can greatest afford it . stiglitz made his comments as part of a united economies panel of leaders giving recommendations to resolve the european currency storm .
Joseph Stiglitz is the winner of a Nobel prize in economics.