The BRICS and asia currency internalization and international monetary reform
Global Turmoil: The International Monetary System Today
Benjamin J. Cohen
"...A broader multi-currency system, it is argued, will widen the range of choice for market actors, thus making it harder for the United States to act in an arbitrary, unilateral fashion. For years Washington has been criticized for exploiting the “exorbitant privilege” of something close to a de facto monopoly, putting the exigencies of its own balance of payments and borrowing needs above any concern for systemic stability. The result, it is said, has been the long-term erosion of trust in the dollar and periodic bouts of monetary disorder — in effect, a new version of the old Triffin dilemma. Once viable alternatives are available, however, it can be expected that greater discipline will be imposed on US policy. Washington will be compelled to pay more attention to the risk of capital flight and, therefore, will have more incentive to accommodate the interests of others..."