Mark Carney, the Bank of England governor, has said that the world's reliance on the US dollar "won't hold" and needs to be replaced by a new international monetary and financial system based on many more global currencies.

In a speech at the annual Jackson Hole gathering of central bankers in the US, he called for the IMF to take charge of a new system of currencies, insuring emerging economies from destructive capital outflows in dollars and removing their need to hoard US currency.

In the longer term the IMF could "chang[e] the game" by building a multipolar system, he

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