The increasing importance of emerging markets in the global economy could lead to a more "multi-polar" financial system, a member of the European Central Bank (ECB) executive board has said.

Benoît Cœuré, in a speech given in Beirut on October 2, noted how some view a system where the dollar, euro and renminbi all play "significant roles" with "concern", while others see potential global benefits.

The latter, he said, argue it would help address potential shortages in safe assets, to the extent