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EXPERT COMMENT

The history of pound sterling, the world’s previous dominant currency, is not reassuring for the dollar.

Over the past 18 months there has been considerable debate about the dollar’s ability to retain its pre-eminent role in the global economy. 

For some, a tipping point is approaching where the world dumps the dollar. For others, the currency’s inherent strengths will make it robust even to the latest vagaries of partisan politics. 

But these arguments lack something vital – history. The decline of pound sterling, the world’s first truly global currency, suggests that the dollar’s demise may well be inevitable – but also that it’s unlikely to be quick or straightforward.

Click here to continue reading the full version of this Expert Comment on the Chatham House website.