The global economy might switch to a single currency by 2020, German Gref said in the course of a round table discussion on the economic consequences of a single-currency world. This discussion was coordinated within the framework of the 12th international economic forum in Saint Petersburg. German Gref believes a single world currency may emerge due to the free flow of capital.

‘The U.S. dollar had been the world’s only universal currency until the late nineties; then, the euro emerged. Over the last decade, the euro has grown very competitive, becoming a viable alternative to the dollar, while the recent events on the global stock markets may even result in the dollar losing its leadership altogether,’ says SKB-Bank’s Dealing Director Anton Khavin.

Anton Khavin feels it is not only the euro that aspires to become the global currency now. Given China’s soaring economy, the yuan could well turn into the world’s dominant currency. Some Russian analysts and members of the Russian government are inclined to think the ruble has got enough potential to fight for global leadership. The Russian ruble, they say, could become a continental and then a global currency given the favorable economic conditions.

‘At the moment, however, all this talk is purely theoretical. In the real world, it’s a bit early to discard the dollar yet. Too much depends on this currency, as most of the world’s payments are still made in dollars. Besides, a lot of countries like to keep their foreign exchange and gold holdings in the U.S. dollars,’ SKB-Bank’s executive notes.