De-dollarisation and implications for the international financial system
Many analysts have raised concerns about economic uncertainties in the US, including on fiscal policy, geopolitical tensions with China and the increased use of financial sanctions. In particular, the blocking of Russian central bank and oligarch assets may prompt reserve managers to reassess the weight of dollar holdings in their portfolios.
Daniel McDowell, professor at Syracuse University and author of ‘Bucking the Buck: US Financial Sanctions and the International Backlash against the Dollar’, joins Mark Sobel, US chair of OMFIF, to explore these issues, including credible currency alternatives for central banks and the emergence of gold as a prominent reserve asset.
Speakers
Daniel McDowell
Associate Professor of Political Science
Syracuse University
Daniel McDowell
Associate Professor of Political Science
Syracuse University
Mark Sobel
Vice Chair and Chief Economist
OMFIF
Mark Sobel
Vice Chair and Chief Economist
OMFIF
Mark Sobel is Chief Economist and Vice Chair at OMFIF. Mark is a veteran US Treasury official, who was at the forefront of international financial diplomacy for two decades.
Mark, who represented the US on the International Monetary Fund executive board up to April 2018, has had a 40-year Treasury career with extensive around-the-world engagement.
He works with OMFIF in dealings with private and public sector organisations, speak regularly on international and US policy, and provide OMFIF members with insight and analysis.
Mark was Treasury Deputy Assistant Secretary for international monetary and financial policy between 2000 and early 2015. He helped lead Treasury preparations for G7 and G20 finance minister and central bank governor meetings, formulated US positions at the IMF, and coordinated Treasury and regulatory agencies’ work in the Financial Stability Board.
Mark founded the US/EU Financial Market Regulatory Dialogue and chaired an international group of private and official sovereign debt experts that developed enhanced collective action clauses for sovereign debt restructuring. He managed the $100bn-plus Treasury Exchange Stabilization Fund and played a key role in US foreign exchange policy including coordinating the Treasury’s semi-annual foreign exchange report on China and other countries.