What will replace the dollar?

The importance of the downgrade of the outlook for US long-term sovereign credit ratings from stable to negative by Standard & Poor’s (S&P) a few days ago lay not so much in a deep impact on global economic and financial conditions but a reaffirmation of the concerns that have been repeatedly voiced by a wide variety of stakeholders regarding the ballooning US sovereign debt. This also gives us an opportunity to review the current global economic architecture, which this newspaper has recently succinctly editorialised.

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