The US dollar has fallen more than 10 per cent against other major currencies since early 2025, prompting renewed debate about its future as the world's premier reserve currency. In his new book Money Beyond Borders, economist Barry Eichengreen examines whether the dollar's reign could end, drawing parallels to historical global currencies from ancient Athens to the British pound.

Eichengreen traces a lineage of monetary dominance spanning over 2,500 years, showing how currencies like the Roman denarius, Byzantine solidus, and Dutch guilder each held sway for at least a century before being superseded. His analysis suggests that international currency status is not permanent but rather a resource that can be managed well or poorly. The current dollar's vulnerabilities include escalating US fiscal problems, potential Federal Reserve independence undermining, and retreat from international alliances.

While Eichengreen provides a learned historical perspective, critics note his reluctance to fully apply historical lessons to current dollar dynamics. He focuses primarily on political rather than economic threats, notably overlooking how financialization might impact the dollar's standing. The book also sidesteps broader social implications, dismissing concerns about how dollar strength affects US manufacturing competitiveness and working-class communities.