The writer is a professor at Cornell University, senior fellow at the Brookings Institution, and author of ‘The Doom Loop’
The structure of global currencies is supposedly on the threshold of change, with the US dollar on the verge of losing its position as the dominant global payments and reserve currency. This narrative reflects other countries’ desperate desire to escape the dollar’s clutches and “de-risk” from the United States.
Surely, they argue, more balanced competition without a single dominant currency would promote efficiency and stability, with each country incentivised to implement good domestic and international policies to support its own currency.
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