Die neue Weltfinanzordnung

The global dominance of the US dollar is entering a period of decline, signaling a transition toward a multipolar monetary system. Harvard economist Kenneth Rogoff highlights that while the dollar remains the primary reserve currency, its market share is shrinking due to unsustainable US debt levels, the weaponization of the currency through sanctions, and the rise of alternative financial blocks. Central banks are increasingly diversifying into gold to hedge against the political risks associated with fiat currencies. Although China’s renminbi faces limitations from capital controls, the emergence of a tripolar order involving the dollar, euro, and renminbi may eventually foster greater international stability by curbing the unilateral power of any single nation. Meanwhile, the US faces significant inflationary risks from its fiscal trajectory, and Europe must urgently address its own productivity and competitiveness to maintain relevance in this shifting geopolitical landscape.