When we talk about leadership, we also talk about rivalry… and 2018 was undoubtedly a particularly emblematic year of rivalry, especially between the United States and China, and to some extent, between the United States and Europe.

Power, leadership and domination (three different concepts) can be expressed in many ways, but this discussion paper focuses on two major concerns: the power / leadership of the country and the power / leadership of the currency. It addresses therefore two major questions:

  • Question # 1: will China and Europe compete with the US as the world’s leading power?
  • Question # 2: will the US dollar cease to be the “unique” international currency?