SINGAPORE — The trillion-dollar bailout put together this month by euro-zone countries has bought them a temporary reprieve, but it has also weakened their credibility. The European dream of dislodging the United States as the supplier of the main world reserve currency now looks unattainable.
Yet Asia — where a number of economies are now stronger than in the United States or Europe — is unlikely, at least for now, to supply the next reserve currency because its economic rise has not been matched by its financial development.
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