李月芬：我曾告诫一些非洲国家，大量借款时要小心(20)

Li Yuefen: I think the recent developments have shown that dollarization for all these past decades have a lot of problems especially for developing countries. The US dollar, as an international reserve currency, has exorbitant benefits for the country.
When countries really do have dollarization in their particular countries, they actually lose sovereign control of their monetary policies, completely giving it away, which means their monetary policy depends on the US dollar. For the running of the economy, it’s a huge disadvantage at times of crisis
Being an international civil servant working on the financial areas, for years we"ve been discussing the issue of possible de-dollarization. However, there are lots of challenges for de-dollarization. I myself would hope that people would not have high expectations for a quick de-dollarization process, because right now, for instance, the SWIFT system, the clearing system for trade and banking sector, is completely dominated by the United States. Of course, we also have other system there, but it plays a minor role. The clearing system itself is hugely important. And if you want de-dollarization, and you cannot solve the clearing system, it won"t be happening.