Many explanations I read come down to “almost everyone uses the dollar in international trade”, ” almost all energy is invoiced and paid in dollars” and “almost all international financial flows go through NY one way or the other”, but that just seems a restatement of the fact that the dollar is the reserve currency of the world. My question is: why? How did it end up that way?
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Note that international trade within Europe’s Eurozone – and often to/from the Eurozone – will use the Euro. It’s not as widely used as the dollar, but it is important.
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