The transition towards a multi-currency world order
Journal: Ekonomski pogledi
Year: 2025

The article examines the ongoing global shift from the dominance of the US dollar in international transactions towards a multi-currency trade and financial system. The analysis identifies four key dimensions of this transformation: the decline of dollar hegemony, the growing use of alternative currencies in energy trade, the diversification of currencies in international payments, and the development of stand-alone payment infrastructures, such as SPFS, CIPS and SFMS, which facilitate a move aw