The dollar is losing its monopoly
The role of key economic sectors in promoting sustainability was discussed by participants of the economic panel of the Budapest Eurasia Forum. They also discussed how the role of the dollar is evolving.
The dollar is losing its monopoly
The Economics of Geography

The dollar is losing its monopoly

MNB Executive Director Zsolt Kuti and Zoltán Pozsár, Founder and CEO of Ex Uno Plures held a keynote conversation (Photo: Róbert Hegedüs)
Zoltán Pataki 22/12/2023 07:00

The role of key economic sectors in promoting sustainability was discussed by participants of the economic panel of the Budapest Eurasia Forum. They also discussed how the role of the dollar is evolving.

In the opening discussion of the second day of the Budapest Eurasia Forum, Zoltán Pozsár, Founder and CEO of Ex Uno Plures, Inc., said that the link between finance and geopolitics has become much closer in recent decades. As an example, he cited the rivalry between the United States and China, one of the important dimensions of which is precisely economics and finance. In this context, he pointed out that after the Second World War the US dollar became the dominant currency in international finance.

However, this has changed in recent years, and there are two main drivers. On the one hand, the West has started to shorten its supply chains, while the East is increasingly determined to move away from the Western dollar-based system. This will not, of course, lead to the disappearance of the dollar, but other major regional currencies will emerge alongside the US currency. China will play a major role in this, as it intends to turn the renminbi into an international reserve currency.
Fireside chat between MNB Executive Director Gergely Baksay and Christian H.M. Ketels, Principal Associate of Harvard Business School (Photo: MNB/Márton Koncz)
Christian H.M. Ketels, Principal Associate of Harvard Business School, and Gergely Baksay, Executive Director of the MNB, discussed how this is not the first time that competitiveness has been a major issue in the global economy. In the eighties and nineties, for example, Japan was a competitor to the US, and it also came to the fore in the EU during the sovereign debt crisis.
Géza Sebestyén, Bai Chong-en, Mariann Gecse, Chris Leck and Lorenzo Tavazzi in the economic panel discussion (Photo: Róbert Hegedüs)

In the economic panel, Bai Chong-En, Dean of the School of Economics and Management at Tsinghua University, Mariann Gecse, Director of Public Affairs and Communication of Huawei Technologies Hungary – West Balkan, Chris Leck, Group Chief Technology Officer of S&TPPO, Prime Minister’s Office (Singapore), and Lorenzo Tavazzi, Partner and Responsible for the International Department of The European House Ambrosetti, discussed the new emerging economies, moderated by Géza Sebestyén, Head of the Center for Economic Policy at Mathias Corvinus Collegium.


The author is a foreign policy journalist.

#Eurasia Forum
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