The US dollar remains the dominant reserve currency, but more and more countries are considering alternatives. This topic was the focus of a special panel at the World Economic Forum in Davos, where experts discussed the future of the global financial system.

Harvard University economics professor Kenneth Rogoff and University of Chicago finance professor Raghuram J. Rajan spoke at the discussion. They came to the common conclusion that the dollar will remain the main reserve currency, but its future is associated with a number of challenges.

One of the main problems is the significant US debt, which creates uncertainty for countries and companies that rely on the dollar. “Predicting the dollar exchange rate is extremely difficult, if you look at economic research,” said Kenneth Rogoff, emphasizing the unpredictability of financial risks.

The dominance of the dollar also gives the United States significant geopolitical advantages, including the ability to impose sanctions and fines that restrict the free movement of capital. This contributes to the growing trend towards regionalization, when countries seek to diversify their financial reserves, reducing dependence on the dollar.

Critics also draw attention to non-financial aspects of US policy, in particular, the growth of the country's military potential, which strengthens the global influence of the dollar. However, most economists express confidence in the stability of the American currency and economy.

“Despite all the actions of the Federal Reserve, the US economy remains stable and does not show a significant slowdown,” concluded Raghuram J. Rajan. According to experts, although an alternative to the dollar has not yet been formed, its dominance in the global economy is likely to continue for many more years.