ECONOMICS

China calls for reserve currency controlled by IMF
Zhou Xiaochuan, the Chinese central bank's governor, released an essay that calls for a global currency that the International Monetary Fund would control. Although the essay does not specifically mention the dollar, it was published in Chinese and English, signaling it is meant for a global audience. "The crisis called again for creative reform of the existing international monetary system towards an international reserve currency," Zhou wrote. International Herald Tribune/Reuters (23 Mar.)

Brazil's growth to hit 17-year low, economists say
Brazil's economic growth is decelerating rapidly and will end up at a 0.01% expansion this year, the slowest rate in 17 years, said economists who follow Latin America's biggest economy. "Demand is being hit strongly, more than the government and market expected," said Pedro Tuesta, an economist at 4Cast. Bloomberg (23 Mar.)

Germany needs 10 years to rebuild economy, Merkel says
The task of rebuilding Germany's economic system, a blend of strong financial regulation, free and competitive markets, and a comprehensive social safety net, will take a decade, Chancellor Angela Merkel told a gathering of bankers. The government's recent intervention in the private economy was necessary, but it should be undone as soon as the world recovers from the economic crisis, she said. The Hartford Courant (Conn.)/The Associated Press (23 Mar.)