Special report | Currency wars
The fight to dethrone the dollar
Attempts to challenge the dollar have only strengthened its dominance
In 2018, European officials watched President Donald Trump blow up a nuclear deal with Iran, reimpose sweeping sanctions and mull disconnecting its banks from SWIFT. They had had enough. America was using its financial hegemony to muscle allies into punishing its latest victim. European firms were fleeing Iran for fear of secondary sanctions from America.
This article appeared in the Special report section of the print edition under the headline “The fight to dethrone the dollar”
From the May 11th 2024 edition
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