New Global Reserve Currency

The governor of China´s central bank, Zhou Xiaochuan, has come up with an innovative idea to introduce a global currency in an effort to redefine the rigid global financial regime, which has undergone no major change since World War II.
Do you think the US dollar´s monopoly was the root of the financial crisis? Would this reform eliminate the inherent deficiencies of the current global currency system? Is it easy to do this?

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