Renowned economist and Nobel laureate Robert Mundell has called for a new global currency in place of US Dollar. He has suggested that the new currency system should be a new international basket of major world currencies including the US dollar, the Euro, the Chinese Yuan, the Japanese Yen and the Russian Ruble. The 1999 Nobel Prize winner, and current professor at Columbia University told in Amman that the new system should not be based on any single currency. Rather it could be a basket called DEY- Dollar, Euro and Yen, Yuan. He also suggested that the new currency should be issued by a global central bank such as the International Monetary Fund (IMF).Prof. Mundell was of the view that the new system should have Special Drawing Rights, SDRs backed by major world currencies. The SDRs are the assets issued by the IMF, to make the world financial market much more stable. These assets should have a value based on the national currencies of these major world currencies. The Nobel laureate said that the Bretton Woods agreement before 1971 led to US dollar being designated as the major world currency at a time when the US dollar was tied to gold. Besides US had more than 75 per cent of world reserves which made it a common sense that it had to control the trade exchange rates. However, US gold reserves are on decline and at the time of 2008 financial crisis, the US had only 25 per cent of world reserves. Prof. Mundell said that these concerns have further underlined the need to have a new world currency to stabilize the global financial markets.