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Economics
Jul 16, 2026
Debates about geopolitical fragmentation always revive the late economist Robert Mundell’s dream of a single world money. But participants should be mindful of the euro’s real-world experience over the past quarter-century.
Source:
www.project-syndicate.org
ROME—The global monetary order is fragmenting. Each use of financial sanctions by the United States raises the option value of an alternative to the dollar, making diversification a form of strategic insurance. But while managed diversification is healthy, a disorderly scramble for the exits would not be.