Core Viewpoint - The article discusses the impact of the U.S. tariff policy on global economic stability and the need for coordinated monetary policies among countries to mitigate risks and foster a favorable financial environment for global economic growth [1][2][4]. Group 1: Impact of U.S. Tariff Policy - The U.S. government's significant increase in tariffs has caused major disruptions to the global economic order, affecting investment and consumption decisions worldwide, and increasing financial market volatility [2][3]. - The uncertainty stemming from U.S. tariffs has led to pressure on traditionally safe assets, prompting central banks to focus on medium-term goals to ensure financial market stability [3][5]. - The tariff policy undermines the global multilateral trade system, leading to widespread uncertainty and potentially restructuring global trade patterns, which could adversely affect macroeconomic conditions in various countries [3][4]. Group 2: Need for Monetary Policy Coordination - Strengthening coordination of monetary policies among countries is essential to effectively respond to tariff shocks and maintain financial stability [4][5]. - The current state of global monetary policy coordination is lacking, with no single institution responsible for overseeing it, and a need for more research and consensus-building [6]. - Major central banks should utilize tools like currency swap agreements to provide sufficient liquidity in times of uncertainty and crisis [5][6]. Group 3: Future of the International Monetary System - The weakening of the dollar's credibility due to rising U.S. fiscal deficits and trade protectionism suggests a shift towards a more diversified international monetary system [7][8]. - The internationalization of currencies like the renminbi and euro is seen as a step towards reducing reliance on the dollar and promoting a competitive environment among major currencies [7][8]. - The potential establishment of a platform by the IMF for issuing a supranational currency based on central bank digital currencies (CBDCs) is proposed as a way to enhance the stability of the global monetary system [7][8].

Group 1 - The status of US Treasury bonds as the safest global asset and the dollar as the world's reserve currency is being challenged, with many countries initiating a de-dollarization process [1] - The current international order is facing challenges, particularly from the US regarding tariffs, and there is a need for a multilateral system [1] - The global trade system is no longer dominated by a single power, making diversification increasingly important [1] Group 2 - The credit of the dollar is facing systemic weakening due to rising US debt and fiscal deficit pressures, leading many central banks to reconsider their dollar asset allocations [2] - Despite the dollar's current status as a safe haven asset, geopolitical uncertainties are prompting a shift towards increasing gold reserves among central banks, including those in emerging markets [2] - The transition from the old international financial order to a new one may take decades, with emerging economies like China gaining more weight in the global financial system [2] Group 3 - A more diversified international monetary system is gradually forming, with the internationalization of currencies like the yuan and euro potentially providing a realistic alternative to the existing system [3] - Institutions like the IMF and World Bank may play a more significant role in the future international monetary system, with the possibility of developing new international currencies such as SDRs [3] - The global financial system may require alternative safe assets, and the inclusion of more currencies in SDR could support this diversification [3] Group 4 - The euro and yuan may gain more liquidity as their status improves, but Europe needs to unite for reforms to make the euro a more attractive international currency [4] - A fiscal union in Europe is necessary for euro-denominated bonds to attract significant foreign exchange reserves [4] - The yuan, while not fully convertible, has potential to become a global reserve currency, with recent steps taken to increase its use as a settlement currency [4][5]