At the meeting, where European leaders were very concerned about the deepening crisis in the periphery, passionate debate between G20 on currencies and global imbalances were more restrained than it might be. With each encounter, when observed in recent weeks, the strengthening of key players at their positions, progress in resolving these thorny issues is becoming less attainable. Communiqué was so completely toothless, only in general terms, describing the "process of joint assessment, which will come under even more under attack in the coming year, as prevail in the G20 will be the president of France. This meeting brought no special fruit, the most useful of which was the adoption of a broader agreement within the IMF's voting rights among the developed and developing countries, although not discussed how this was achieved. Europe seems to have agreed to reduce the percentage of their participation in the IMF, but as it happens, it will be very interesting to see. We can expect that President Sarkozy of France, which is enormous pressure at home because of his controversial pension reform, will struggle to raise the dialogue of reforming the global monetary system. All parts, including the United States for this reason will have to move away from the dollar as the center of the universe in the world financial order.The options under consideration include multipolar currency system, greater use of Special Drawing Rights from the IMF and the increasing role of gold. Deformation caused by the current procedure, where the value of the dollar declining, are no longer convenient for everybody. Change is already happening on many fronts, both in changing the behavior of reserve managers, both in the establishment of trade sanctions, and in the output growth of non-dollar currencies. In any case, the increasing concerns in recent months, greatly accelerated the process which has already been launched. For example, the presence of the dollar in global reserves fell by 10 percentage points over 10 years, to about 62%. In the end, the yuan will significantly increase its presence in world currency reserves, but it will be very, very long time.
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