Exorbitant Privilege

Since the Second World War, the US dollar has been the world's sole international reserve currency, giving it, in the words of one critic, 'exorbitant privilege'. But in the wake of the worldwide financial crisis, will other currencies overtake it? And what impact would that have? Eichengreen explains the history and assesses what may come.

Since the Second World War, the US dollar has been the world's sole international reserve currency, giving it, in the words of one critic, 'exorbitant privilege'. But in the wake of the worldwide financial crisis, will other currencies overtake it? And what impact would that have? Eichengreen explains the history and assesses what may come.