A World of Multiple Reserve Currencies by Barry Eichengreen - Project Syndicate: "The implication is that the dollar, the euro, and the renminbi will share the roles of invoicing currency, settlement currency, and reserve currency in coming years.
To be sure, all three currencies have their critics. Willingness to hold the dollar may be undercut by concern with America’s twin fiscal and external deficits. Uncertainty about whether the European Union will hold together could limit the use of the euro. And, although China is aggressively promoting international use of the renminbi in trade settlements, it has a long way to go before its currency is attractive as a vehicle for foreign investment and holding reserves.
But the very fact that there are questions about all three currencies means that none of them will obviously dominate. There will be an international market for all three."
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