Also, the present situation of financial globalisation confirms the early “bipolar view” of Alexander Swoboda that with high capital mobility the only stable exchange rate regimes are floating rates or hard pegs, of which monetary unions are an extreme example (see Eichengreen, 2010). Towards an unavoidable, but desirable, multi-polar IMS?
There are many predictions about the gradual addition of other currencies to the dollar as truly international currencies. What seems to make this unavoidable it is not only the emergence of the euro, the increasing strength of China or the growing vulnerabilities of the US.