The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
OPINION

Is it goodbye to the dollar?

There’s a lot to be said for a monetary union for north America.

Top models and pop icons are asking to be paid in euros. New York’s Fifth Avenue is full of Europeans snapping up cheap goods. At Buffalo there are six-hour queues of cars full of Canadian consumers on weekend shopping trips to the US, and analysts predict that the UAE or Qatar will sever their dollar peg within the year. The bottom, it seems, has fallen out of the dollar, and with US firms across all sectors suffering from a looming recession, to quote one head of an international bank it’s "10% discount sale today on all American companies".

Interestingly, there is a growing conspiracy theory that the decline of the US dollar is perhaps not as unexpected as some would believe. This view has it that the powers that be in the US are pushing for a common currency for the US, Mexico and Canada, the so-called amero, a move that could only gain backing if the dollar were regarded as being in free fall against the euro, and US citizens became riled about the increasing costs of imported goods. The claim is that such a currency would enable the US to hold on to its control of the world stage in the face of strengthening Asian economies.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree