About the Project
The contest for financial dominance and currency supremacy have become the frontline of great power competition. An indispensable aspect of U.S. global leadership is the unmatched competitiveness of U.S. financial markets and the dominance of the U.S. dollar in international finance, supported by unrivaled U.S. military strength. The emergence of an alternative global financial and monetary system that is neither based on the U.S. dollar nor led by the United States threatens to erode the centrality of the United States in the global financial system and the credibility of U.S. sanction power. The Project on the Emergence of Alternative Financial Infrastructures and the Future of the Global Financial and Monetary System investigates how states and non-state actors develop and promote alternative financial systems, such as non-dollar cross-border payment arrangements and settlement infrastructures, to hedge against U.S. sanctions and compete for global geoeconomic influence. The project examines how states like China and Russia pursue unilateral and collective de-dollarization initiatives to develop an alternative financial system using regional and multilateral institutions. The project will produce articles and meetings intended to enrich the U.S. policy discourse on how to reinforce U.S. financial competitiveness and leadership as the global financial and monetary system becomes more diversified.