Lame Ducks in Love
Just as the US recently pressed European leaders to rescue the euro, owing to fears that a collapse could weaken the dollar, so American policy makers in the 1960's sought to prop up that era's second-leading international reserve currency, the British pound. With the renminbi as a reserve option, the euro and the dollar would be freed from their forced marriage.
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FLORENCE – Fears about sovereign debt and doubts about the euro rescue package have pushed the question of international reserve currencies to the fore. Until this spring, most observers had assumed that the share of the dollar in international reserves would gradually fall, while that of the euro would rise, and that the world would gradually and smoothly make a transition to a multi-reserve regime.