Bancor

The bancor was a supranational currency that John Maynard Keynes and E. F. Schumacher[1] conceptualised in the years 1940–1942 and which the United Kingdom proposed to introduce after World War II.

By closer government control of international trade and the movement of funds, the Keynesian policy would be more effective in stimulating individual economies.

For chronic debtors, this would include obligatory currency depreciation, rising interest payments to the ICB Reserve Fund, forced gold sales, and capital export restrictions.

[5] In a speech delivered in March 2009 entitled Reform the International Monetary System, Zhou Xiaochuan, the Governor of the People's Bank of China called Keynes's bancor approach "farsighted" and proposed the adoption of International Monetary Fund (IMF) special drawing rights (SDRs) as a global reserve currency as a response to the financial crisis of 2007–2010.

However, he was criticized severely for this in the United States, and the dollar lost 5 cents against the euro in exchange markets following his statements.

[7][8] A similar analysis can be found in the Report of the United Nation's "Experts on reforms of the international monetary and financial system"[9] as well as in the IMF's study published on 13 April 2010.