RISS Leading Expert Nikolai Troshin examines the evolution of the international monetary system. The analyst believes that the contemporary global monetary system that rises from the Jamaica accords and allows flexible exchange rates is experiencing increased tensions.
The expert notes that the erosion of the current international monetary system can take many different shapes, including the rise of a new leading national currency, the creation of fundamentally new tools for global trade, or the emergence of several similar regional currencies.
- Though the dollar's current number-one status is under contention, it remains the world's reserve currency. However, the situation can change dramatically as soon as the U.S. loses its position as the world's economic leader.