Michel Aglietta, Guo Bai, Camille Macaire

The End of the Hegemony of the Dollar Publication date : April 20, 2022

Michel Aglietta is emeritus professor at the Université Paris-Nanterre and scientific advisor at the CEPII [Centre d'Études Prospectives et d'Informations Internationales -- the main French institute for research into international economics] and at France Stratégie. He has been a member of the Institut universitaire de France and of the Haut Conseil des finances publiques [High Council of Public Finances].
Guo Bai is professor of strategy and entrepreneurship at China Europe International Business School (CEIBS), where she also directs the teaching program for future leaders.
Camille Macaire is an economist at the Banque de France and associate researcher at CEPII. Her work focuses on international finance, the international monetary system, and China.

The spectacular ascent of China, the second economy (in GDP) after the United States, and foremost lender in the world, is challenging the international monetary system which is based on the hegemony of the dollar.
In this context of extreme rivalries, both economic and geopolitical, how can a common political ecology be promoted for the entire planet? And to what extent does the digital economy, the bearer of both innovations and new rivalries, serve this shared objective?

The present book attempts to answer these questions, which are crucial to the future. It shows that China is leading in major innovations such as the disappearance of hard money and the invention of a central bank digital currency. Such innovations are essential for a reform of the international monetary system and to bring it into conformity with a multilateral world. Special Drawing Rights (SDR) in a digital form would be the decisive tool of an International Monetary Fund finally freed of the constraint of the dollar, an International Fund worthy of its name.