The hollow dollar?

In 'The hollow dollar?', Evans traces the emerging phenomenon of de-risking from the US dollar and the development of alternative payment structures. He identifies the September 11 attacks of 2001 as a crucial watershed in the US use of instruments of financial coercion to achieve security objectives, paving the way for wider and more comprehensive strategic deployment of such instruments which have shifted dollar centrality away from its liberal economic foundations. Evans outlines the breadth of the de-risking mechanisms that have emerged as countries seek alternative, non-dollar payments arrangements to evade exposure to US political control, led not simply by China and Russia, but with significant buy-in from wider BRICS, ASEAN and Gulf states. Evans reviews the implications of this trend, invites us to consider the pace of this transition, and proposes steps policymakers can take to prevent systemic shocks and allow for sufficient adaptation and evolution within any new configuration that emerges.