Steffen Murau is a political economist specializing in international money and finance. He is the principal investigator of the OBFA-TRANSFORM project at Global Climate Forum in Berlin, and a fellow at the Monetary and Economic Department of the Bank for International Settlements.

February 6, 2026

Analysis

Trump’s Dollar

The future of the international monetary system

Calls to weaken the dollar have become a feature of Trump's second term. But in today's credit-based system, where the US currency is often created offshore, nativist politics cannot be translated into monetary terms.