Reserve currency status is a global public good that comes with a cost. With the exception perhaps of the euro, which may emerge in the next decade, no other currency has the necessary characteristics to allow it plausibly to serve the needs of the global economy. And neither any other country nor Europe will be willing to pay the cost. If the dollar’s status is to decline in the future, it will require that Washington itself take the lead in forcing the world gradually to disengage
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