The Future of the Monetary System
The past three years have seen abrupt changes in the global economy, economic policy responses and geopolitical configuration. In this article for the Credit Suisse Research Institute, Zoltan Pozsar Oliver Adler Maxime Botteron Nannette Hechler-Fayd’herbe discuss how macroeconomic imbalances and geopolitics can catalyze change in the current largely-USD-based monetary system; and how central bank reserves have evolved and may be re-assessed in future. They sketch a vision for the gradual emergence of a more multi-polar monetary system. The fate of US dollar hegemony depends on a several factors, with the degree to which U.S. policy makers are able to maintain macroeconomic stability and trust relative to other countries, continuing to be of supreme importance.
https://www.credit-suisse.com/media/assets/corporate/docs/about-us/research/publications/csri-future-of-the-monetary-system.pdf
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