The phrase exorbitant privilege used to describe the special status of the us as the world financial systems reserve currency is usually attributed to valery giscard destaing president of france between 1974 and 1981. The most likely outcome is a multipolar global monetary system greater use of other currencies most likely the euro but continued importance of the dollar in the context of current events i would call eichengreens thesis the case for dollar optimism. Exorbitant privilege is both a monetary history and outstanding analysis of current events within eichengreen gives a financial history of the rise of the dollar from its early origins to its current status as undisputed king of the world monetary system. Gary richardson and cathy zhang barry eichengreen exorbitant privilege the rise and fall of the dollar and the future of the international monetary system oeconomia 3 2 2013 337 344. Exorbitant privilege the rise and fall of the dollar and the future of the international monetary system eichengreen barry 9789861857084 books amazonca
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