Dollar-based system is inherently unstable

This article was published last month in the London Financial Times by Ousmène Mandeng:

The international economy needs more currencies:

The international monetary system does not work as intended. An international economy relying predominantly on one currency is inherently unstable. This is amply demonstrated by the recent turbulence in foreign exchange markets.Over the summer, several emerging markets faced sudden reversals in capital flows. Blaming economic fundamentals to explain such shifts misses the point. There are none sufficiently important.

The culprit is the dollar

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