Pyongyang, September 29 (KCNA) -- The U.S. and Europe are again hit hard by a serious financial crisis, putting the world economy in a great danger.

It is the view of experts that a financial crisis broke out worldwide three years ago because of debt of banks but the on-going financial crisis resulted from debt of states.

According to data, the national debt of the U.S. went beyond 100 percent of its GNP. Greece, Italy, Spain and other countries in Europe are in such difficult position that they can hardly handle the issue of huge national debt.

The collapse of the credit system made it impossible to ensure the stability of U.S. dollar and Euro which account for three quarters of the world reserves of foreign currency and the value of U.S. dollar is, in particular, steadily sinking.

This development prompted many countries to reenergize the campaign to ward off the effect of the international financial crisis and protect the national economy.

Attention is now focused on invigorating trade and investment among regional countries by rejecting U.S. dollars and using national currencies, in particular.

Hugo Chavez Frias, president of Venezuela, called upon the world to get rid of the domination by U.S. dollars.

Juan Manuel Santos, president of Colombia, asserted the use of national currencies in trade among Latin American countries.

A meeting of ministers of Economy and presidents of central banks of member countries of the Union of South American Nations held in last August adopted an agreement on putting priority to the expansion of trade among the member countries, widely using national currencies and expanding the Latin American Reserves Fund.

Meanwhile, China took a measure for positively using RMB in foreign trade settlement.

Sri Lanka has enforced the policy of intentionally raising the exchange rate of Sri Lankan Rupee against U.S. dollar since the outset of this year.

The deputy secretary-general of the ASEAN called for drawing a lesson from the financial crisis in the U.S. and the West and developing trade among its member countries.

U.S. dollar is losing its creditability even in the U.S.

There is a tendency in every state to use its own currency.

All facts indicate that U.S. dollar is losing its position as the world reserve currency and its era is drawing close to an end.