Is the Dollar’s Hegemony Questioned ?

Since 1944, with the Bretton Woods Agreement and the introduction of the Gold Exchange Standard, the dollar has been the dominant currency in the international monetary system. The American “exorbitant privilege” – as once said by Valéry Giscard d’Estaing – ensured liquidity and stability in global trade for decades. However, recent dynamics are challenging this supremacy: the rise of the euro, the growing influence of the yuan, the desire of central banks to diversify their reserves, the circumvention of US sanctions, the rise of digital currencies, and geopolitical mistrust… Is the dollar’s dominance still based on solid foundations or on a fragile equilibrium?

Today, ‘de-dollarisation’ is more a political aspiration than an economic reality. Can it become a reality, and if so, when? Are we on the verge of a shift towards a multipolar system? What would be the effects on global trade, debt, and financial stability? Who would benefit from a possible reduction in the dollar’s international role?