The Indian rupee, the Chinese renminbi and the Brazilian real are likely to be part of a future multi-polar currency system in addition to the US dollar and the euro, according to Klaus Regling, CEO of the European Financial Stability Facility (EFSF) — the permanent bailout fund to support cash-strapped Euro nations. With the permanent fund, the 17 Eurozone nations want to shore up cash-strapped nations such as Greece and rescue the common currency.
The 61-year-old finance expert, who now holds one of the most important jobs in Europe, feels the euro is irreversible and will continue to have a strong role in world economy. “We are moving towards a multi-polar currency system from a system where a single currency — the dollar and before that the pound dominated. The multi-polar system will have currencies including the dollar, the euro, the renminbi — maybe the rupee — and the Brazilian real,” Regling said