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Is the US Dollar’s Global Hegemony at Risk?

The Big Question is a new feature in which Project Syndicate commentators provide compelling answers to a timely question.

With Russia’s invasion of Ukraine and the resulting Western sanctions likely to fragment the global economy further, some think the US dollar’s long reign as the world’s favored reserve currency may be coming to an end. But, with no plausible alternatives to the greenback on the horizon, how realistic is such a scenario?

In this Big Question, we ask Barry Eichengreen, Şebnem Kalemli-Özcan, Paola Subacchi, and Yu Yongding to address the latest doubts about the dollar’s global supremacy.

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