U.S. Dollar Defends Role as Global Currency

By Katharina Buchholz

The de-dollarization of the world economy has been thrust back into the spotlight with the BRICS summit, which took place in Johannesburg, South Africa, in late August. While lacking a spot on the agenda, decreasing the prevalence of the U.S. dollar in trade and financial transactions among the Global South was repeatedly referenced by the world leaders in attendance, for example Brazilian President Luiz Inacio Lula da Silva, who even called for a new common currency for the BRICS bloc.