Report
Is there a risk that the loss of the dollar’s reserve currency role will gain momentum?
Since the period preceding the 2008 crisis, the dollar’s reserve currency role has declined somewhat. Cou ld this decline gain momentum? Beyond political issues (reaction by countries put under sanctions by the United States), are there economic mechanisms that could lead to a marked decline in the dollar’s reserve currency role? We can think of: A depreciation of the dollar’s exchange rate caused by the increase in the US external deficit; Renewed confidence in t he euro zone (end of the Italian crisis, start of institutional progress); A determination by central banks to diversify their foreign exchange reserves more by spreading them across many currencies. If the dollar’s reserve currency role declined sharply, there would be a serious financial crisis.
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Natixis
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Patrick Artus
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