De-dollarization has become an unstoppable trend. This is due to the fact that countries around the world are seeking to reduce their dependence on the US currency. This is reported by the publication Responsible Statecraft.
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The countries of the Global South are reducing their dollar reserves. They are beginning to increasingly settle cross-border transactions in non-dollar currencies, and are also exploring the possibility of creating new multilateral settlement mechanisms. The main trend is to use the US dollar as expansive sanctions, which currently cover 29% of the world economy and 40% of the world’s oil reserves.
Two recent articles, one by International Crisis Group co-chair Frank Giustra and the other by Amir Khanjani, non-resident of the Quincy Institute, began the process of explaining the driving forces behind this economic trend and the geopolitical traps the United States is facing. Most of the world is reducing its dependence on the US dollar, this will be very noticeable if the US fails to get other countries involved in the process of forming a multilateral monetary system.
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