Do you believe it is the right times to start the process of de-dollarise the world economy as we see the world economy unintentionally importing US monetary policy and having unwanted consequences on domestic economies?
I am not sure about the success of any effort to dedollarise the world economy at this stage. It is a fact that US Monetary Policy has an outsized impact on world economy leading to significant impact on the economies of other developed markets and emerging markets. However, just de-dollarising may not serve the purpose as US investors continue to dominate world markets and US currency is still considered a safe haven in times of turmoil. In fact, US economy continues to remain significantly larger than the other developed and developing market economies. The trust in Dollar may have eroded a bit due to indiscriminate use of sanctions for geo-political objectives; however, the allure still remains. Also, the other currencies are either not trustworthy (e.g. Chinese currency) or too small (Swiss Franc) to provide any viable alternate option.
How do you see the current cut in crude output by OPEC impacting world economy? Looking at India's higher dependence on imports, is it going to de-rail its growth?
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