Making a currency a global standard demands deep trust in its issuer’s openness and reliability
Global tradeLast week’s Brics summit is disappearing in the rear-view mirror and with it, mercifully, some of the wildly unrealistic discussion ofissued by the grouping’s five emerging market members — aimed at dethroning the dollar.
The European desire to challenge the dollar — expressed forcefully in 2010 by Nicolas Sarkozy, then French president, following the global financial crisis — seems largely based on envy of its status as a reserve and trading currency. That role that had survived the final collapse of the Bretton Woods fixed exchange rate system in 1973.
Neither the weak financial regulation that led to the crisis nor persistently eccentric fiscal policy have destroyed markets’ belief in a currency underpinned by the Fed. Not even the destructive presidency of Donald Trump managed that. Meanwhile, the eurozone government bond market and banking system remain fragmented by national boundaries.pitiful rambling from Moscow
Danmark Seneste Nyt, Danmark Overskrifter
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