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De-Dollarization, Local Currencies, And External Financial Defense

05
December 2025
Otaviano Canuto & Alae Jellal

This episode examines the current dynamics of de-dollarization and why the global shift away from the U.S. dollar remains slow and partial. Otaviano Canuto highlights how strong structural forces ; including network effects, deep dollar-denominated markets, and the availability of safe U.S. assets ; continue to sustain the dollar’s central role. He also outlines the limitations of alternative currencies, from China’s capital controls to the eurozone’s incomplete financial and fiscal integration.

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