In favor of a “cooperative multilateral international financial system” to end “excessive reliance on a single central currency”, ie the dollar, Bank of France Governor François Villeroua de Gallo.
As the financial newspaper Les Échos notes the issue is in the news due to the risks involved and in order to avoid the transition from a system of domination of the dollar, in a conflicting “non-system”, which according to the head of the Bank of France “would cause instability, creating the risk of leakage from one currency to another”. Something reminiscent of the competitive devaluations of the dollar and the pound between the two world wars, which resulted in chronic instability, the newspaper notes.
“We are on the eve of a major economic crisis”Bernard Snowy, a professor at the University of Leuven in Belgium, said fears that further interest rate hikes in the United States could destabilize countries with dollar-denominated debts.
Emerging countries are not opposed to such a reform, especially since Western sanctions against Russia “pose a very big risk” to countries like China, said Andrew Sheg, former head of Hong Kong’s financial markets regulator. .
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