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<h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Bancor</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 19 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-19" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">19 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B9%D9%85%D9%84%D8%A9_%D8%A7%D9%84%D8%A8%D8%A7%D9%86%D9%83%D9%88%D8%B1" title="عملة البانكور – Arabic" lang="ar" hreflang="ar" data-title="عملة البانكور" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Bancor" title="Bancor – Catalan" lang="ca" hreflang="ca" data-title="Bancor" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Bancor" title="Bancor – Czech" lang="cs" hreflang="cs" data-title="Bancor" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Bancor" title="Bancor – German" lang="de" hreflang="de" data-title="Bancor" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Bancor" title="Bancor – Spanish" lang="es" hreflang="es" data-title="Bancor" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Bankor" title="Bankor – Esperanto" lang="eo" hreflang="eo" data-title="Bankor" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Bancor" title="Bancor – French" lang="fr" hreflang="fr" data-title="Bancor" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Bancor" title="Bancor – Galician" lang="gl" hreflang="gl" data-title="Bancor" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%B0%A9%EC%BD%94%EB%A5%B4" title="방코르 – Korean" lang="ko" hreflang="ko" data-title="방코르" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B2%D5%A1%D5%B6%D5%AF%D5%B8%D6%80" title="Բանկոր – Armenian" lang="hy" hreflang="hy" data-title="Բանկոր" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Bancor" title="Bancor – Indonesian" lang="id" hreflang="id" data-title="Bancor" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Bancor" title="Bancor – Italian" lang="it" hreflang="it" data-title="Bancor" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%91%D7%A0%D7%A7%D7%95%D7%A8" title="בנקור – Hebrew" lang="he" hreflang="he" data-title="בנקור" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Bancor" title="Bancor – Dutch" lang="nl" hreflang="nl" data-title="Bancor" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%90%E3%83%B3%E3%82%B3%E3%83%BC%E3%83%AB" title="バンコール – Japanese" lang="ja" hreflang="ja" data-title="バンコール" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Bancor" title="Bancor – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Bancor" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Bankor" title="Bankor – Polish" lang="pl" hreflang="pl" data-title="Bankor" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%91%D0%B0%D0%BD%D0%BA%D0%BE%D1%80" title="Банкор – Russian" lang="ru" hreflang="ru" data-title="Банкор" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Bancor" title="Bancor – Finnish" lang="fi" hreflang="fi" data-title="Bancor" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q806211#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> 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</div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Formerly proposed unit of account</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output 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class="mbox-text"><div class="mbox-text-span">This article <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Bancor" title="Special:EditPage/Bancor">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Bancor%22">"Bancor"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Bancor%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Bancor%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Bancor%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Bancor%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Bancor%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">March 2009</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p class="mw-empty-elt"> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Keynes_1933.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Keynes_1933.jpg/220px-Keynes_1933.jpg" decoding="async" width="220" height="228" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/0/04/Keynes_1933.jpg 1.5x" data-file-width="289" data-file-height="300" /></a><figcaption>John Maynard Keynes</figcaption></figure> <p>The <b>bancor</b> was a <a href="/wiki/Supranational_currency" class="mw-redirect" title="Supranational currency">supranational currency</a> that <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> and <a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">E. F. Schumacher</a><sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> conceptualised in the years 1940–1942 and which the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> proposed to introduce after <a href="/wiki/World_War_II" title="World War II">World War II</a>. The name was inspired by the French <i>banque or</i> ('bank gold').<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> This newly created supranational currency would then be used in international trade as a unit of account within a multilateral <a href="/wiki/Clearing_(finance)" title="Clearing (finance)">clearing</a> system—the <a href="/wiki/International_Clearing_Union" title="International Clearing Union">International Clearing Union</a>—which would also need to be founded. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Overview">Overview</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bancor&action=edit&section=1" title="Edit section: Overview"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>John Maynard Keynes proposed an explanation for the ineffectiveness of <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> to stem the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, as well as a non-monetary interpretation of the depression, and finally an alternative to a monetary policy for meeting the depression. Keynes believed that in times of heavy <a href="/wiki/Unemployment" title="Unemployment">unemployment</a>, <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a> could not be lowered by monetary policies. The ability for capital to move between countries seeking the highest interest rate frustrated <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian policies</a>. By closer government control of international trade and the movement of funds, the Keynesian policy would be more effective in stimulating individual economies. </p><p>Bancor would not be an international currency. It would rather be a <a href="/wiki/Unit_of_account" title="Unit of account">unit of account</a> used to track international flows of assets and liabilities, which would be conducted through the International Clearing Union. <a href="/wiki/Gold" title="Gold">Gold</a> could be exchanged for bancors, but bancors could not be exchanged for gold. Individuals could not hold or trade in bancor. All international trade would be valued and cleared in bancor. Surplus countries with excess bancor assets and deficit countries with excess bancor liabilities would both be charged to provide symmetrical incentives on them to take action to restore balanced trade. In the words of Benn Steil, </p> <blockquote><p>Each item a member country exported would add bancors to its ICB account, and each item it imported would subtract bancors. Limits would be imposed on the amount of bancor a country could accumulate by selling more abroad than it bought, and on the amount of bancor debt it could rack up by buying more than it sold. This was to stop countries building up excessive <a href="/wiki/Economic_surplus" title="Economic surplus">surpluses</a> or <a href="/wiki/Deficit_spending" title="Deficit spending">deficits</a>. Each country's limits would be proportional to its share of <a href="/wiki/International_trade" title="International trade">world trade</a> ... Once initial limits had been breached, deficit countries would be allowed to depreciate, and surplus countries to appreciate their currencies. This would make deficit country goods cheaper, and surplus country goods more expensive, with the aim of stimulating a rebalancing of trade. Further bancor debit or credit position breaches would trigger mandatory action. For chronic debtors, this would include obligatory <a href="/wiki/Currency_appreciation_and_depreciation" title="Currency appreciation and depreciation">currency depreciation</a>, rising interest payments to the ICB Reserve Fund, forced gold sales, and capital export restrictions. For chronic creditors, it would include currency appreciation and payment of a minimum of 5 percent interest on excess credits, rising to 10 percent on larger excess credits, to the ICB's Reserve Fund. Keynes never believed that creditors would actually pay what in effect were fines; rather, he believed they would take the necessary actions ... to avoid them.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading2"><h2 id="Bretton_Woods_conference">Bretton Woods conference</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bancor&action=edit&section=2" title="Edit section: Bretton Woods conference"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Keynes was able to make his proposal the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>'s official proposal at the <a href="/wiki/Bretton_Woods_Conference" title="Bretton Woods Conference">Bretton Woods Conference</a> but it was not accepted.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Proposed_revival">Proposed revival</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bancor&action=edit&section=3" title="Edit section: Proposed revival"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Since the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a> Keynes's proposal has been revived. Its proponents have argued that since the end of the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> when the <a href="/wiki/United_States_dollar" title="United States dollar">United States dollar</a> was unpegged from gold, the United States was incentivized to run high government spending and high <a href="/wiki/Deficit_spending" title="Deficit spending">deficits</a>, which made the global financial system unstable.<sup id="cite_ref-:0_5-0" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In a speech delivered in March 2009 entitled <i>Reform the International Monetary System</i>, <a href="/wiki/Zhou_Xiaochuan" title="Zhou Xiaochuan">Zhou Xiaochuan</a>, the Governor of the <a href="/wiki/People%27s_Bank_of_China" title="People's Bank of China">People's Bank of China</a> called Keynes's bancor approach "farsighted" and proposed the adoption of <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF) <a href="/wiki/Special_drawing_rights" title="Special drawing rights">special drawing rights</a> (SDRs) as a global reserve currency as a response to the <a href="/wiki/Financial_crisis_of_2007%E2%80%932010" class="mw-redirect" title="Financial crisis of 2007–2010">financial crisis of 2007–2010</a>. U.S. Secretary of the Treasury <a href="/wiki/Timothy_Geithner" title="Timothy Geithner">Timothy Geithner</a> expressed interest in the idea of greater use of SDRs as a reserve. However, he was criticized severely for this in the United States, and the dollar lost 5 cents against the <a href="/wiki/Euro" title="Euro">euro</a> in exchange markets following his statements.<sup id="cite_ref-:0_5-1" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> He and President <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a> shortly afterwards backtracked Geithner's comments.<sup id="cite_ref-:0_5-2" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>He argued that a national currency was unsuitable as a global reserve currency because of the <a href="/wiki/Triffin_dilemma" title="Triffin dilemma">Triffin dilemma</a>—the difficulty faced by reserve currency issuers in trying to simultaneously achieve their domestic monetary policy goals and meet other countries' demand for reserve currency.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> A similar analysis can be found in the Report of the United Nation's "Experts on reforms of the international monetary and financial system"<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> as well as in the <a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a>'s study published on 13 April 2010.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bancor&action=edit&section=4" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 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portal</a></span></li></ul> <ul><li><a href="/wiki/Spesmilo" title="Spesmilo">Spesmilo</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bancor&action=edit&section=5" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns 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no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFE._F._Schumacher1943" class="citation journal cs1"><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">E. F. Schumacher</a> (May 1943). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150923201757/http://www.centerforneweconomics.org/documents/copy-e-f-schumacher-multilateral-clearing-economica-new-series-vol-10-no-38-may-1943-pp-15">"Multilateral Clearing"</a>. <i><a href="/wiki/Economica" title="Economica">Economica</a></i>. <b>10</b> (38): 150–165. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2549461">10.2307/2549461</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2549461">2549461</a>. Archived from <a rel="nofollow" class="external text" href="http://www.centerforneweconomics.org/documents/copy-e-f-schumacher-multilateral-clearing-economica-new-series-vol-10-no-38-may-1943-pp-15">the original</a> on 23 September 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">15 November</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economica&rft.atitle=Multilateral+Clearing&rft.volume=10&rft.issue=38&rft.pages=150-165&rft.date=1943-05&rft_id=info%3Adoi%2F10.2307%2F2549461&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2549461%23id-name%3DJSTOR&rft.au=E.+F.+Schumacher&rft_id=http%3A%2F%2Fwww.centerforneweconomics.org%2Fdocuments%2Fcopy-e-f-schumacher-multilateral-clearing-economica-new-series-vol-10-no-38-may-1943-pp-15&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABancor" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">Benn Steil, <i>The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order</i> (Princeton: Princeton University Press, 2013), p. 143.</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">Benn Steil, <i>The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order</i> (Princeton: Princeton University Press, 2013), pp. 143-44.</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.economist.com/finance-and-economics/2020/04/11/should-the-imf-dole-out-more-special-drawing-rights">"Should the IMF dole out more special drawing rights?"</a>. <i>The Economist</i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0013-0613">0013-0613</a><span class="reference-accessdate">. Retrieved <span class="nowrap">12 April</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=Should+the+IMF+dole+out+more+special+drawing+rights%3F&rft.issn=0013-0613&rft_id=https%3A%2F%2Fwww.economist.com%2Ffinance-and-economics%2F2020%2F04%2F11%2Fshould-the-imf-dole-out-more-special-drawing-rights&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABancor" class="Z3988"></span></span> </li> <li id="cite_note-:0-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_5-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:0_5-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">Tooze, Adam (2018). <i>Crashed: How a Decade of Financial Crises Changed the World</i>. New York, New York: Viking Press. p. 266. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-670-02493-3" title="Special:BookSources/978-0-670-02493-3">978-0-670-02493-3</a>. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/1039188461">1039188461</a>.</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarketWatch" class="citation news cs1">MarketWatch, Lisa Twaronite, Polya Lesova, &, William L. Watts. <a rel="nofollow" class="external text" href="https://www.marketwatch.com/story/dollar-pares-losses-after-geithner-clarifies">"Dollar pares losses after Geithner clarification"</a>. <i>MarketWatch</i><span class="reference-accessdate">. Retrieved <span class="nowrap">29 January</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=MarketWatch&rft.atitle=Dollar+pares+losses+after+Geithner+clarification&rft.aulast=MarketWatch&rft.aufirst=Lisa+Twaronite%2C+Polya+Lesova%2C+%26%2C+William+L.+Watts&rft_id=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fdollar-pares-losses-after-geithner-clarifies&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABancor" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_news" title="Template:Cite news">cite news</a>}}</code>: CS1 maint: multiple names: authors list (<a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">link</a>)</span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZhou_Xiaochuan2009" class="citation web cs1"><a href="/wiki/Zhou_Xiaochuan" title="Zhou Xiaochuan">Zhou Xiaochuan</a> (2009). <a rel="nofollow" class="external text" href="http://www.bis.org/review/r090402c.pdf">"Reform the International Monetary System"</a> <span class="cs1-format">(PDF)</span>. <i>BIS Review</i>. <a href="/wiki/Bank_of_International_Settlements" class="mw-redirect" title="Bank of International Settlements">Bank of International Settlements</a><span class="reference-accessdate">. Retrieved <span class="nowrap">28 November</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=BIS+Review&rft.atitle=Reform+the+International+Monetary+System&rft.date=2009&rft.au=Zhou+Xiaochuan&rft_id=http%3A%2F%2Fwww.bis.org%2Freview%2Fr090402c.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABancor" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html">"China calls for new reserve currency"</a>. <i>Financial Times</i>. 24 March 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=China+calls+for+new+reserve+currency&rft.date=2009-03-24&rft_id=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F7851925a-17a2-11de-8c9d-0000779fd2ac.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABancor" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://digitallibrary.un.org/record/653789?ln=en">"Recommendations by the Commission of Experts of the President of the General Assembly on reforms of the international monetary and financial system"</a> (20 March 2009).</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.imf.org/external/np/pp/eng/2010/041310.pdf">"Reserve Accumulation and International Monetary Stability"</a> (13 April 2010).</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bancor&action=edit&section=6" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><div class="side-box metadata side-box-right"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-abovebelow"> <a href="/wiki/Wikipedia:The_Wikipedia_Library" title="Wikipedia:The Wikipedia Library">Library resources</a> about <br /> <b>Bancor</b> <hr /></div> <div class="side-box-flex"> <div class="side-box-text plainlist"><ul><li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=Bancor">Resources in your library</a></li> <li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=Bancor&library=0CHOOSE0">Resources in other libraries</a></li> </ul></div></div> </div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJohn_Maynard_Keynes1980" class="citation book cs1">John Maynard Keynes (1980). <i>The Collected Writings, Volume XXV: Activities, 1940–44: Shaping the Post-war World: The Clearing Union</i>. Basingstoke.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Collected+Writings%2C+Volume+XXV%3A+Activities%2C+1940%E2%80%9344%3A+Shaping+the+Post-war+World%3A+The+Clearing+Union&rft.place=Basingstoke&rft.date=1980&rft.au=John+Maynard+Keynes&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABancor" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArmand_van_Dormael1978" class="citation book cs1">Armand van Dormael (1978). <i>Bretton Woods. Birth of a Monetary System</i>. London. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-8419-0326-5" title="Special:BookSources/978-0-8419-0326-5"><bdi>978-0-8419-0326-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Bretton+Woods.+Birth+of+a+Monetary+System.&rft.place=London&rft.date=1978&rft.isbn=978-0-8419-0326-5&rft.au=Armand+van+Dormael&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABancor" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bancor&action=edit&section=7" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Wikinews-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/16px-Wikinews-logo.svg.png" decoding="async" width="16" height="9" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/24px-Wikinews-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/32px-Wikinews-logo.svg.png 2x" data-file-width="759" data-file-height="415" /></a></span> <a href="https://en.wikinews.org/wiki/Asian_countries_call_for_global_currency" class="extiw" title="wikinews:Asian countries call for global currency">Asian countries call for global currency</a> at <a href="/wiki/Wikinews" title="Wikinews">Wikinews</a></li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; 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