were not ready for a no-deal Brexit. Speaking on BBC Radio 4's Today Programme, Carney explained that fewer than half of businesses have initiated contingency plans. In February 2019, speaking about the global economy, Carney provided a less negative perspective on Brexit, stating that globalisation has resulted in "imbalances of democracy and sovereignty", and that Brexit "is the first test of a new global order and could prove the acid test of whether a way can be found to broaden the benefits of openness while enhancing democratic accountability". Monetary policy in the 2019 international monetary and financial system In his August 23, 2019, speech delivered at the Federal Reserve Bank of Kansas City's 2019 annual Jackson Hole Economic Symposium at Jackson Lake Lodge, entitled "The Growing Challenges for Monetary Policy in the current International Monetary and Financial System", Carney said that the "widespread use of the US dollar—the dominant currency pricing—in "trade invoicing, in place of the currency of either the producer or the importer" has had a "destablilizing" effect on the global economy, according to Reuters. About 50 percent of international trade relies on the US dollar as the "currency of choice." This represents "five times greater than the US's share in world goods imports, and three times its share in world exports." Dominant currency pricing is not problematic when there is "synchronised growth" globally, Carney said. When "the tide is rising in America while receding elsewhere", the system needs to be revamped. Carney cited an article by Markus K. Brunnermeier, Harold James, and Jean-Pierre Landau on the potential role of digital currency area (DCA) in redefining the international monetary system. Speaking only hours after US President Donald Trump had posted on Twitter that he blamed Federal Reserve Chairman Jerome Powell's policies creating fears of an economic recession—and then threatened China with more retaliatory tariffs—Carney urged central banks to work together to replace the US dollar as reserve currency. He cautioned against choosing another new hegemonic reserve currency like the Renminbi and suggested instead, a "new Synthetic Hegemonic Currency (SHC), such as Libra, which could potentially be provided "through a network of central bank digital currencies," that would decrease the US dollar's "domineering influence" on trade worldwide. Carney also said that the recent increase in the perception that a no-deal Brexit is likely, is "evidenced by betting odds and financial market asset pricing" resulting in the UK now having