At the 2026 World Economic Forum in Davos, former Bank of England governor and current Canadian Prime Minister Mark Carney delivered a striking message about the future of the international monetary system. Carney warned that the long-standing dominance of the U.S. dollar is showing signs of erosion as global power dynamics shift and emerging economies gain influence. �
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He highlighted that nations within the BRICS bloc — especially India — are actively working on connecting their central bank digital currencies (CBDCs) and building payment networks that could reduce reliance on traditional Western financial infrastructure. This trend, driven by technological integration and broader economic cooperation, reflects a more multipolar global financial order. �
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Carney also urged middle powers — countries that are influential but not dominant — to pursue what he calls a “third path”: coordinated sovereignty. Instead of depending solely on major powers like the U.S. or China, he encouraged these nations to work together on shared financial frameworks and digital payment systems that support stability and autonomy in an increasingly fragmented world. �
Wikipedia
This shift doesn’t mean the dollar will vanish overnight, but it highlights how digital currency innovation, geopolitical realignment, and regional collaboration are reshaping the global money landscape. �
The Economic Times
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