Wird der Euro den Dollar vom Thron stoßen?

Die Dominanz Amerikas im internationalen Finanzwesen rührt großteils vom Status des Dollars als internationalem Zahlungsmittel her. Amerikas Bekenntnis zu freien Kapitalmärkten, Rechtsstaatlichkeit und Preisstabilität verleihen dem Dollar als Wertaufbewahrungsmittel Glaubwürdigkeit. Die amerikanische Neigung zum Geldausgeben jedoch hat den Ruf des Dollars untergraben, und der Dollarüberschuss auf den Weltmärkten drückt auf den Kurs. Der Wechselkurs des Euro gegenüber dem Dollar hat in diesem Frühjahr einen absoluten Höchststand erreicht. Mittlerweile erhöhen die Zentralbanken den Euroanteil ihrer Währungsreserven. Ist der Dollar dabei, die Krone der internationalen Finanzwelt an den Euro zu verlieren?

Die Geschichte legt – trotz des derzeit verletzlichen Dollars – etwas anderes nahe.

Die finanzielle Vorherrschaft Amerikas im 21. Jahrhundert ähnelt der Lage Großbritanniens in der Weltfinanz vor 100 Jahren. Vor dem Ausbruch des Ersten Weltkrieges im August 1914 diente das britische Pfund als bevorzugte Währung bei internationalen Geschäften, ganz so, wie es heute der Dollar tut, und die weltweiten Darlehensnehmer besuchten damals die City von London, um Kapital aufzubringen.

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