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Pierre-Olivier Gourinchas on Geopolitics and Dollar Dominance

June 17, 2022

Pierre-Olivier Gourinchas says geopolitical tensions and the rise of emerging market economies may lead countries to rethink their accumulation of US dollar reserves. (IMF Photo)

The war in Ukraine and the rise of emerging market economies have opened a new chapter in international relations, with important implications for the global economic order. Like an earthquake, the war has an epicenter, located in Russia and Ukraine, but its seismic waves are impacting economies far and wide and revealing a shift in the underlying geopolitical tectonic plates. In this podcast, IMF Chief Economist, Pierre-Olivier Gourinchas discusses what fragmentation of the global economy might mean for the dominance of the US dollar in the international monetary and financial system. Transcript

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Pierre-Olivier Gourinchas is the IMF's Economic Counsellor and Director of the Research Department.