In the 1960s, Valry Giscard dEstaing served as the finance minister of France. In 2023, an article

In the 1960s, Valéry Giscard d’Estaing served as the finance minister of France. In 2023, an article in the Economist quoted him as complaining during that time about the U.S. dollar’s “exorbitant privilege.”

a. Does the position of the dollar in the international financial system provide any benefits to the United States? Briefly explain.

b. Are there any ways that the United States might be better off if another currency, such as the euro, took over the role the dollar has been playing in the international financial system? Briefly explain.