The US dollar has continued to dominate currency reserves due to a decline in network effects and an unwillingness for other countries to permit a strong accumulation of their currencies, according to a working paper by the European Central Bank (ECB), published this month.
Between the end of World War II and the collapse of fixed exchange rates, the ECB notes that there was a shift in foreign exchange reserves from sterling to the US dollar during that period, resulting in the latter becoming t
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