Cóilín Nunan

Is the threat of an Iranian oil bourse trading oil in euros the real reason for the possible military attack of Iran? First, we must understand exactly why central banks keep foreign exchange reserves explains Cóilín Nunan.

It will not come as news to anyone that the US dominates the world economically and militarily. But the exact mechanisms by which American hegemony has been established and maintained are perhaps less well understood than they might be. One tool used to great effect has been the dollar, but its efficacy has recently been under threat since Europe introduced the euro.