Ibec's Global Compass report 'The Fractured Finance Order: Capital, Currency & the New Gatekeepers'

The US dollar($) remains the world’s dominant reserve currency, but the latest IMF COFER data show deliberate diversification.

The euro’s (€) share has been broadly stable to slightly higher in 2024–25, while renminbi (RMB) holdings and official gold purchases have also edged up (IMF COFER, 2025; ECB, 2025; Fed, 2025; BIS Bulletin 105, 2025).

This is not a collapse of the dollar but a measured reweighting that redirects significant liquidity.

Over the next three years—absent major shocks—a plausible range is a 3–5 percentage point shift away from dollar reserves towards the euro and selected alternatives (ECB OP 369, 2025; EC, 2025).

For corporates, treasury exposures are shifting in three ways: the currencies in which assets are held, the currencies in which borrowing takes place, and how FX mismatches across revenues and costs are managed.

Each is increasingly shaped not only by market volatility but by venue risk—the political and institutional conditions that decide whether a bloc remains open for business.

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3 - Climate Capitalism and the Geopolitics of Subsidy

4 - Digital Finance Wars: Owning Your Capital Rails

5 - Europe’s Experiment in Fiscal Sovereignty

6 - Access as Strategy: Engineering the Capital Architecture