Indonesia has introduced a de-dollarization task force to help promote the use of its Rupiah in bilateral transactions and diversify its risk from the greenback.
It’d be good if more transactions — especially debts — were in national currencies but I suspect it’s going to be a very long time before international trade uses another currency. It’s just one of those things where there’s tons of inertia. Like global shipping companies have contracts and processes that assume dollars. It’s just cheaper/easier to use dollar contracts than have a contract for each currency.
Global reserve currencies have changed before but surprisingly rarely. It kind of requires a huge shock (like WWI) to force the world to change.
It’d be good if more transactions — especially debts — were in national currencies but I suspect it’s going to be a very long time before international trade uses another currency. It’s just one of those things where there’s tons of inertia. Like global shipping companies have contracts and processes that assume dollars. It’s just cheaper/easier to use dollar contracts than have a contract for each currency.
Global reserve currencies have changed before but surprisingly rarely. It kind of requires a huge shock (like WWI) to force the world to change.