New Players in a Dollarized World
WARSAW - The offensive U.S. trade policy as well as economic sanctions Washington imposes on its adversaries have triggered a shift in the global currency landscape – and, as a result, steady recession from the dollar-denominated system.
Called “de-dollarization,” this phenomenon fits into the wider narrative of a multipolar world of which a monetary order would be an integral component. Countries like Russia and China, given their international heft – ranked as second and twelfth leading economies, respectively – lead this process. Others including Iran, Turkey and major European countries are not lagging far behind.