So you can be pretty sure that central banks around the world will not start dumping dollars on the market in order to buy euros.
More Quotes from Robert C. Solomon:
The reserve currency role seems to add prestige to an area and some people in Europe have talked about the desirability of the euro becoming an international reserve currency.Robert C. Solomon
On private transactions, I'll just go very quickly now, a major difference between the United States and Euroland is that in Europe banks are much more important in financial transactions than in the United States.
Robert C. Solomon
The dollar is the main private currency for investment purposes, for transactions purposes, as a vehicle currency as it's called.
Robert C. Solomon
Today we have so much more flow of private capital that most international imbalances are financed that way, by private capital movements.
Robert C. Solomon
To the extent that the United States has, I don't like the word hegemony, the United States has influence around the world, I don't think that's based on to any significant degree on the fact that countries use the dollar as their major reserve.
Robert C. Solomon
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