ECB’s Panetta Sees Move Away From Dollar as Key Global Currency

The international monetary system will likely move away from the dollar to a constellation of several coexisting global currencies, according to European Central Bank Governing Council member Fabio Panetta.

While the greenback will remain a key currency, the world “may gradually drift towards a more multi-polar configuration,” Panetta said in a speech in Dublin on Tuesday. “That shift could bring greater diversification, or amplify volatility and contagion risk if coordination falters.”