So, if history is any guide, a multi-polar system could well become a reality once again. [13] 3 / 18  BIS central bankers' speeches  On the prospects for a multi-polar monetary system, see also Bénassy-Quéré, A. and Cœuré, B. (2010), “Le rôle international de l’euro : chronique d’une décennie”, Revue d’économie politique, Vol. 120, pp. 355–377.
In fact – and you can see this on Slide 3 – some shifts are already taking place. Both the euro and the dollar have lost similar ground as international reserve currencies since the global financial crisis.