Recently, a global de-dollarization campaign seems to be gaining momentum, driven by geopolitical risks and changing economic dynamics. What are the political and economic implications of this new development? Does it suggest the beginning of the collapse of the US dollar hegemony? We brought experts/observers together from around the world to discuss this significant development and its implications.
Sonia Ruseler, an Argentine and former CNN world news anchor, observes whether dollar hegemony is waning in South America, where China has become the main trading partner. She argues that while China is a respected trade partner in the region, the US dollar is still the dominant currency and remains so in the foreseeable future.
Professor Robert Wade from the LSE analyses the urge for de-dollarisation and why the US dollar hegemony unlikely ends soon. He argues that while people have been forecasting the end of dollar hegemony for over half a century, but large-scale alternatives face huge difficulties, and their emergence will stretch over decades.