> The main question we tried to answer is whether a significant shift away from the US dollar as the dominant “hegemonic” currency is likely to occur in the foreseeable future, and in which direction the monetary system might develop. The key conclusion was that the fate of the US dollar as the currency hegemon depends on a number of factors, with the degree to which US policy makers would be able to maintain macroeconomic stability relative to other countries of supreme importance. Only if stability is maintained will the US dollar retain its position as the safe-haven currency of choice.
In heavily hedged terms, they conclude that the situation is currently stable and likely to remain so. My opinion is that there's good information in this document but the editing (mostly in the sense of structure and clarity) is quite poor, prone to using the very real complexity of the issues at hand as an excuse for weasel words, wishy-washiness, and desperation to please one's boss. In reading this document, I recommend that you keep in mind that the document is from late 2022 and Credit Suisse imploded in early 2023, so, as the document's authors might say, one suspects that it does not represent a level of intellectual rigor that one would prefer to see from a globally important bank.