Ousmène Jacques Mandeng: New Fintech May Bring Many Challenges to the US Dollar. 

Source: CBGG

Published: 2018-07-02

      On June 30, 2018, the first World Finance Forum, co-sponsored by the Center for BRICS and Global Governance (CBGG) and the Reinventing Bretton Woods Committee (RBWC) was held in Beijing. Ousmène Jacques Mandeng, former economist of IMF, was invited to the forum and made a keynote speech. 

      Ousmène Jacques Mandeng said that the goals of the Fed’s domestic policy may not be in line with the world economy, so now we see that the US dollar is strengthening, which has caused some problems in emerging markets, such as the devaluation of currencies. The devaluation of currencies has also brought greater uncertainty to emerging markets. Reliance on the US dollar does bring a lot of risks to neighboring countries. The United States may now destroy the international multilateral system, and the United States is withdrawing from many international multilateral agreements. He thought the world’s multipolarity was getting weaker and weaker, and international finance would face more volatility. But now the new fintech may bring many challenges to the US dollar, such as decentralization, which can change our tendency to rely too much on a centralized currency. As a new technology, it can promote the integration of international monetary policy.