Mark SobelThe former deputy assistant secretary of the Treasury, executive director of the IMF, current U.S. chair of OMFIF and senior advisor to CSIS, offered his views on the future of the international monetary system on Tuesday. This video is now available, here.
Sobel offered the audience a policymaker’s take on the reality of dollar dominance — why and who and what. Major past and present issues are discussed, such as currency misalignment, dealing with sovereign debt crises, and the consequences of using economic sanctions. A lively exchange with Mark Copelovitch, myself and the audience followed, starting with the dollar-led topic. In my talk I discussed the fact that the US dollar has no alternative as a major currency (Mark Sobel provided the terse acronym TINA in his talk). Mark Copelovitch emphasized that the United States has no interest in giving up the dollar’s role as the main international currency.
the whole conversation was here.
