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"While textbooks can display or as old money markets use gold as an other monetary asset today," Mr. Zoellick said photo: REUTERS

To come to a group of 20 Summit this week in Seoul, Mr. Zoellick said that a gold standard updated may help to reorganize the global economy at a time of severe tensions in the currencies and the US monetary policy.

He said that the world needs a new scheme to succeed "Bretton Woods II" floating currency system, which has been in place, given that the system of fixed-rate currency tied to gold collapsed in 1971.

The new system "is probably need to associate the dollar, the euro, the yen, pound sterling and a renminbi (Chinese yuan) moves towards internationalization, then an open capital account," he wrote in the Financial Times.

Mr. Zoellick, "the system should also consider using international gold as a point of reference of the expectations of the market on inflation, deflation and monetary values future," said in a comment piece.

"Although textbooks can display or as old money markets use gold as an other monetary asset today."

The original Bretton Woods agreement was thrown a framework led United States for the stability of the global financial system after the second world war, with the dollar pegged to gold and controls in place to limit the movement of capital.

Gold standard is believed to protect against inflation, but does not flexible monetary policy that many economists feel is essential in the fight against economic shocks.

It has been abandoned by the u.s. President Richard Nixon in 1971 as the value of the dollar collapses over gold. today, gold prices are still riding as investors seek a timeless hedge against inflation and debt the u.s. risks.

Mr. Zoellick has recognized that the forging a new monetary agreement to govern the global economy take time, two years after the worst financial crisis since the 1930s Western. ""But we need to begin", he wrote.

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