And if other currencies, such as the euro, emerge to share the dollar’s role as a global reserve currency, that process, too, is likely to be benign. I say this with one major caveat. Some clouds of emerging protectionism have become increasingly visible on today’s horizon.
An element that has been receiving increasing attention recently relates to the possibility of officially issuing electronic counterparts to (physical) cash, in 1  The views and opinions expressed in this document are the sole responsibility of the author and do not necessarily represent the institutional position of the Banco de México or of its Board of Governors as a whole.