The Dollar: Dominant no more?

If the euro?s crisis has a silver lining, it is that it has diverted attention away from risks to the dollar. It was not that long ago that confident observers were all predicting that the dollar was about to lose its ?exorbitant privilege? as the leading international currency. First there was financial crisis, born and bred in the US. Then there was the second wave for quantitative easing, which seemed designed to drive down the dollar on foreign exchange markets. All this made the dollar?s loss of pre-eminence seem inevitable.
The tables have turned. ... More >Major Book Notebook