{"680594":{"#nid":"680594","#data":{"type":"news","title":"Nunn School Symposium Examines Dollar\u2019s Challenged Global Role","body":[{"value":"\u003Cp\u003EThe U.S. dollar has long been unchallenged as the dominant global currency. Whether that will continue to be the case was the subject of the recent Nunn School Symposium, held at the Georgia Tech Alumni House.\u003C\/p\u003E\u003Cp\u003EThe conclusion? While the dollar faces challenges, especially as a medium of exchange, its dominance in the global financial system is not under serious threat in the immediate future.\u0026nbsp;\u003C\/p\u003E\u003Cp\u003EThe experts brought together by the Sam Nunn School of International Affairs at Georgia Tech said that frequent use of sanctions \u2014 which have significant implications for international trade and the international banking system \u2014 along with concerns about U.S. fiscal responsibility, certainly have contributed to rising interest in finding alternatives to the dollar.\u003C\/p\u003E\u003Cp\u003EPresident Donald Trump has threatened 100% tariffs against members of the \u201cBRICS\u201d alliance of emerging economies led by Brazil, Russia, India, and China if they choose to create their own currency as an alternative to the dollar. That could have a chilling effect, said Brian Grant, managing director and global head of financial crimes compliance operations and global head of sanctions compliance at Japanese bank MUFG.\u003C\/p\u003E\u003Cp\u003EGrant said he doubted China, the world\u2019s second-largest economy, would step up either.\u003C\/p\u003E\u003Cp\u003E\u201cI don\u2019t actually think China particularly is ready or wants the ren to be a major global reserve currency that challenges the dollar,\u201d he said.\u003C\/p\u003E\u003Cp\u003EPeter Harrell, nonresident fellow at the Carnegie Endowment for International Peace and a former senior director at National Security Council and the National Economic Council, said that closely working with U.S. allies is another way to stave off challenges to the dollar.\u003C\/p\u003E\u003Cp\u003EHe pointed to the case of some countries that were dissatisfied with U.S. sanctions on Russia. Those countries nevertheless stuck with the dollar given the decision by European and other nations to hold with the U.S. on sanctions.\u003C\/p\u003E\u003Cp\u003E\u201cThe more we actually work with some of our like-minded allies, the more we create the continued dominance of the dollar that reduces the incentive from a very practical perspective for those countries to diversify,\u201d Harrell said.\u003C\/p\u003E\u003Cp\u003EOther speakers at the Feb. 13 event included Zongyuan Zoe Liu, the Maurice R. Greenberg Senior Fellow for China studies at the Council on Foreign Relations; Glen Sarvady, managing principal of payments strategy at 154 Advisors; and Mark Sobel, U.S. chair of the Official Monetary and Financial Institutions Forum and former deputy assistant secretary for international monetary and financial policy at the U.S. Treasury.\u003C\/p\u003E\u003Cp\u003EThe symposium was supported by the Neal Family Endowment and the Arther Blank Family Foundation, which supports the Nunn School\u0027s Diplomats-in-Residence Program.\u0026nbsp; It was co-sponsored with the Atlanta Council on International Relations, Georgia Tech\u0027s Center for International Business Education and Research, and the World Affairs Council of Atlanta.\u003C\/p\u003E","summary":"","format":"limited_html"}],"field_subtitle":"","field_summary":[{"value":"\u003Cp\u003EThe U.S. dollar has long been unchallenged as the dominant global currency. Whether that will continue to be the case was the subject of the recent Nunn Symposium\u003C\/p\u003E","format":"limited_html"}],"field_summary_sentence":[{"value":"The U.S. dollar has long been unchallenged as the dominant global currency. Whether that will continue to be the case was the subject of the recent Nunn Symposium"}],"uid":"34600","created_gmt":"2025-02-19 17:04:36","changed_gmt":"2025-02-19 19:11:47","author":"mpearson34","boilerplate_text":"","field_publication":"","field_article_url":"","location":"Atlanta, GA","dateline":{"date":"2025-02-19T00:00:00-05:00","iso_date":"2025-02-19T00:00:00-05:00","tz":"America\/New_York"},"extras":[],"hg_media":{"676340":{"id":"676340","type":"image","title":"nunn symposium.jpg","body":"\u003Cp\u003EPanelists speak to audience members at the recent Nunn Symposiun on the challenged global role of the U.S. dollar.\u003C\/p\u003E","created":"1739984931","gmt_created":"2025-02-19 17:08:51","changed":"1739984931","gmt_changed":"2025-02-19 17:08:51","alt":"Panelists speak to audience members at the recent Nunn Symposiun on the challenged global role of the U.S. dollar.","file":{"fid":"260112","name":"nunn symposium.jpg","image_path":"\/sites\/default\/files\/2025\/02\/19\/nunn%20symposium_1.jpg","image_full_path":"http:\/\/hg.gatech.edu\/\/sites\/default\/files\/2025\/02\/19\/nunn%20symposium_1.jpg","mime":"image\/jpeg","size":308875,"path_740":"http:\/\/hg.gatech.edu\/sites\/default\/files\/styles\/740xx_scale\/public\/2025\/02\/19\/nunn%20symposium_1.jpg?itok=koJRsRz1"}}},"media_ids":["676340"],"groups":[{"id":"1285","name":"Sam Nunn School of International Affairs"}],"categories":[],"keywords":[],"core_research_areas":[],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003E\u003Ca href=\u0022mailto:michael.pearson@iac.gatech.edu\u0022\u003E\u003Cstrong\u003EMichael Pearson\u003C\/strong\u003E\u003C\/a\u003E\u003Cbr\u003EIvan Allen College of Liberal Arts\u003C\/p\u003E","format":"limited_html"}],"email":["michael.pearson@iac.gatech.edu"],"slides":[],"orientation":[],"userdata":""}}}