• SHARE

For years, the dollar’s role as the major global currency has been termed an “exorbitant privilege” — a phrase coined by French Finance Minister and later President Valery Giscard d’Estaing.

Now it may be turning into an extravagant curse. The United States wants export-led growth. So do most other countries.

Unable to view this article?

This could be due to a conflict with your ad-blocking or security software.

Please add japantimes.co.jp and piano.io to your list of allowed sites.

If this does not resolve the issue or you are unable to add the domains to your allowlist, please see out this support page.

We humbly apologize for the inconvenience.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW