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The US dollar dominates global finance—but for how much longer?

In future, the wheels of international commerce will be greased by the dollar together with the euro and currencies from emerging powers. Crucially, this is no bad thing

By Barry Eichengreen  

The US dollar is the grease that lubricates the wheels of globalisation. In this much, at least, close observers of the world economy agree. Importers and exporters need a universally-accepted means of payment in which to conduct their transactions. Investors need a vehicle with which to pay for their acquisition of foreign factories and financial assets. Central banks need a form in which to hold their reserves. Official and private users need to be sure that their counterparties, wherever they are located, will accept payment in the proffered form.

And in…

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