The roles played by the US dollar and the euro in the global monetary and financial system have remained broadly unaltered since 2007–2008, despite signs of a gradual ascent of the Chinese renminbi. This was also true, albeit to a somewhat lesser extent, during the acute phase of the European sovereign debt crisis in 2011–2012.
This stability testifies to the importance of inertia effects, to the size of the US and euro area economies, to their deep and liquid financial markets, and – well, if I dare say – to the credibility of their central banks’ policies.