Editor's note: At the 1st plenary session of the 11th World Peace Forum held at Tsinghua University in Beijing, Dilma Vana Rousseff, current president of the New Development Bank and former Brazilian president, gave a keynote speech sharing her insights about global order and governance. The video clip is an excerpt from her full speech. The speech reflects the speaker’s opinions and not necessarily the views of CGTN.

President of the New Development Bank Dilma Vana Rousseff, responding to what the "exorbitant privilege" of U.S. dollars is, said, "Others are forced to sell goods and services in order to obtain dollars, while Americans obtain them simply by printing money." Here is more from her speech:

An issue today is exorbitant privilege itself, an expression coined by De Gaulle's Minister of Finance to define the position acquired by the U.S. dollar. The fact that for many decades the world has accepted the existence of a single international reserve currency has given rise to an asymmetric financial system that has always generated greater advantages for the country issuing that currency. There is also the fact that U.S. companies are, by definition, protected from exchange rate risk, which is not the case with other countries. There are huge gains of the dollar derived from the fact that others are forced to sell goods and services in order to obtain dollars, while Americans obtain them simply by printing money.

Even more importantly is the privilege of financing the U.S. public deficit by all international economic agents who need to have dollar denominated assets, which are recycled and kept in U.S. and international financial institutions under the strict regulatory control of the FED.

The abuse of this last privilege, enacted through the sequestration of sovereign international reserves under the name of financial sanctions, has given rise to questions worldwide concerning the inherent arbitrariness of the global monetary order.

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