WASHINGTON - World Bank President Robert Zoellick on Sunday warned that the United States should not "take for granted" the US dollar's role as preeminent global reserve currency.

"The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency, Zoellick said, in excerpts of a speech to be delivered Monday.

"Looking forward, there will increasingly be other options to the dollar," Zoellick said in the address to be given at Washington's John's Hopkins University.

His speech Monday comes ahead of World Bank and International Monetary Fund annual meetings in Istanbul, Turkey early next month.

Addressing the recent global economic crisis, he faulted the world's central banks for having "failed to address risks building in the new economy," although in the case of Washington's Federal Reserve Bank, he said, "it will be difficult to vest the independent and powerful technocrats at the Federal Reserve with more authority."

"My reading of recent crisis management is that the Treasury Department needed greater authority to pull together a bevy of different regulators" to manage the finance crisis.

He added that since Treasury is an executive department "Congress and the public can more directly oversee how it uses any added authority."

Commenting on last week's G-20 summit, Zoellick praised initiatives for a new peer review system.

"This system cannot be hierarchical, and it should not be bureaucratic," he said.

"Peer review of a new framework for strong, sustainable and balanced growth agreed at last week's G-20 summit is a good start, but it will require a new level of international cooperation and coordination - including a new willingness to take the findings of global monitoring seriously," he said.

"Peer review will need to be peer pressure."