"The US dollar's share of global foreign exchange transactions has fallen from nearly 90 percent a decade ago to around 80 percent today, while its share of foreign exchange reserves has fallen from over 70 percent to under 60 percent today. Meanwhile, despite its present economic difficulties, the Euro has steadily gained since its inception in 1999, and the Chinese renminbi (RMB) is expected to climb as the currency moves towards a floating exchange rate and convertibility in the coming years.

The consensus among the roundtable participants was that neither the Euro nor any other currency will prove to be an alternative to the dollar, rather there will be several leading and co-existing currencies in a global reserve basket. The IMF recently published a paper arguing that its Special Drawing Rights (SDRs) could serve as a global reserve currency and thus enhance global financial stability. " ...