changing demands for modern central bank interventions in the economy. Financial instability, followed by WWII, left a world … equilibrium had shifted in favor of financial interests, signaled by the push toward European integration and the later reform …

and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments …' precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system …, another re-run of the Triffin paradox, with an ever-growing emerging-world insurance demand loaded onto a small group of ever …