The U.S. Dollar Dominance: Origins, Status Quo, and Implications for Europe
Journal: Vierteljahreshefte zur Arbeits- und Wirtschaftsforschung
Year: 2025

The dominance of the U.S. dollar in the global financial system remains the key pillar of international trade and monetary stability but faces growing challenges in a rapidly changing world. Historically rooted in the Bretton Woods system and the establishment of the petrodollar system, the dominant status of the U.S. dollar has shaped global economic structures for decades. However, coordinated efforts of the emerging powers within the BRICS+ community of states and the rise of decentralized cr