The Global Currency Debate: Rethinking the Dollar's Dominance.
Exploring Alternatives for a Balanced and Inclusive International Monetary System
When one thinks about the currency that rules the world it is normally believed that the US dollar is the one in mind. Having the US dollar as a means of exchange has helped the whole world make transactions; but this has made countries like the UK and Brazil delegations uncomfortable with why this currency is the ruler for the whole world, so, how does the world react to this reality?
In this committee, the primary discussion was why the dollar gets all the market of international trade and exchange. Having alternatives like BRICS or the Euro, the United States defends the fact that the US dollar is the strongest and most stable currency in the international context. South Africa and Argentina second this posture and emphasize that the US dollar is the currency that “maintains the balance” in the world. The US also gave data to sustain this posture and to inform delegations that this isn’t only an opinion based on the currency origin.
While delegations like Brazil and the United Kingdom are against the idea that the U.S. dollar is the only currency with the privilege of being a global reserve and trade standard, they stand for a more inclusive and diversified monetary system. This opposition highlights concerns over the dependence on the U.S. dollar, which can expose economies to vulnerabilities tied to U.S. policies. These countries argue that a multiple financial system, where multiple currencies share the role of global trade and reserve standards, would create a more balanced and equitable economic landscape. Such a system could reduce systemic risks, enhance financial stability, and empower nations with greater economic independence in international markets.
In conclusion, the monetary system is in debate about how the global currencies could share the global market for a more sustainable global economy with multiple currencies contributing to each other for international trade and multiple developments of global currencies, but this is also in debate if United states would make this possible for and contribute with this idea, this would make the world a more balanced and strong economy with a big development on the world currencies.
