Article published in Les Echos on May 6, 2025
The dollar’s “exorbitant privilege” comes with a debt burden that is becoming increasingly unbearable for Donald Trump’s America. But the advent of a multipolar monetary system remains a distant prospect, according to Frédéric Cherbonnier.
For years, there has been talk of a shift toward a multipolar monetary system in which the dollar would share its role as a reserve currency with the euro and the yuan. In fact, the dollar’s share of global reserves has gradually fallen from 70% to 60% over the past twenty years. Donald Trump could well accelerate this trend, with serious consequences for financial stability.
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Illustration: Photo by Alexander Grey on Unsplash
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