The power given to countries that issue an international currency should drive the euro zone and China to develop their currencies’ international currency status

The example of the United States and the dollar illustrates the power given to a country that issues a dominant international currency: capacity to obtain extraterritoriality for this country’s laws and decisions (sanctions); "exorbitant privilege" that makes it possible to finance the external and fiscal deficits without any difficulty. For the euro zone, the development of the euro’s international status would require creating synthetic euro-zone debt , if it cannot be a eurobond . For China, the development of the renminbi’s international status would require the development of financial assets in renminbi available for non-residents, which would require a shift from financing via bank credit to financing in financial markets .