The dollar performs internationally all three functions of money, as a medium of exchange, a unit of account and a standard of value.
More Quotes from 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
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.
Robert C. Solomon
The major material advantage, financial advantage from having a reserve currency is that between 200 and 300 billion dollar bills, that may be twenty, fifty, hundred dollar bills as well as ones, exist in the world - a lot of them in Russia as you all know I'm sure.
Robert C. Solomon
The prices of all imports would rise if the dollar depreciates.
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 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
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