Debate: Reserve currency, euro vs. dollar

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Should central banks replace their dollar foreign reserves with euros?

Background and context

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Yes

The dollar is weakening day by day, and people should be given an option to exit this entire mess. Otherwise people will be left with nothing but paper having no value. The prolonged war on iraq and the unending presence of the US army in afganistan, is not helping the situation on the economy front. There is no point in continuing with something which one knows is on a decline

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No

• Countries that replace dollar with euro will lose paper dollar holdings

• Shifts from dollar reserves should not be based on the short-term difficulties

• The euro can't be decoupled from US difficulties

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Yes

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No

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Pro/con resources

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Yes

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No

• "Only Gold Can Replace the Greenback As the World's Reserve Currency". Seeking Alpha. January 25, 2008

See also

• Debate: Dollarization
• Debate: Dollar-based global economy
• Debate: Should the dollar remain the global reserve currency?

External links

• Eichengreen, Barry (May 2005). Sterling's Past, Dollar's Future: Historical Perspectives on Reserve Currency Competition (PDF). National Bureau of Economic Research (NBER).
• Lim, Ewe-Ghee (June 2006). The Euro’s Challenge to the Dollar: Different Views from Economists and Evidence from COFER (Currency Composition of Foreign Exchange Reserves) and Other Data (PDF). IMF
• Reuters. Euro could replace dollar as top currency - Greenspan. Retrieved on September 17, 2007.
• Menzie, Chinn; Jeffery Frankel (January 2006). "Will the Euro Eventually Surpass The Dollar As Leading International Reserve Currency?" (PDF). NBER. Retrieved on 2007-10-11.