You can't have an open globalised economy which relies for its ultimate liquidity on the currency of one country. That was Triffin's argument.
A new global currency should replace the US dollar as the international reserve currency, as the long-term deterioration of America’s economy and the greenback is fuelling a “currency-regime crisis”, says Martin Wolf, associate editor and chief economics commentator of the Financial Times.
[This article is republished courtesy of INSEAD Knowledge, the portal to the latest business insights and views of The Business School of the World. Copyright INSEAD 2024]