Flor, Elena
Russia, Oil Price, Dollar and SDR
Note no. 6, October 2017

In 1960 Robert Triffin, during a hearing in front of the United States Congress, stated that an international monetary system based on a currency issued from a single state – such as the dollar - could not function in the medium-long term. In order to ensure the necessary liquidity to the world economic system, the issuing country needed to have a deficit in the payment balance but if the deficit was too much the trust in the currency would erode: it was the first time that Triffin formulated the "dilemma". [...] 

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