OPEC, next conference: dollars --> euros

from PolMach Forums
Chances are OPEC will make countries pay in euros instead of dollars for oil. Their next conference (scheduled to December) is likely to discuss the transition from the dollar-based system to the euro-based system.

This transition would imply an enermous change for America.
What is your opinion? Is it possible? Is it our fault?
TGM77
politics
1,371 views 1 replies
Reply #1 from JoeUser Forums Top
This transition would imply an enermous change for America.
What is your opinion? Is it possible? Is it our fault?


somewhat your fault. Under the Bush administration, the USD has sunken to lows and is way more volatile than other currencies.

But it's more general than that. USA's international market institutions have been so dominant in the 80s and 90s that they started acting in arrogant way, missing to do critical reforms, where euro-countries have done them.

The more we are going forward, the more USA is loosing it's position as the main area for trading on the international level.