Robin Brooks

Poland, the finance minister just said, you know, we think the euro is a great idea, but we prefer to be on the outside than on the inside.

So I think whether or not from a geopolitical point of view, this is a smart decision, I think it's totally up in the air.

First of all, I think you're asking exactly the right question.

There is a survey of central bank reserve managers.

So these are, you know, picture all the sovereign wealth funds in Asia, all the central banks that have piled up tons of dollars in other foreign exchange reserves.

These guys manage trillions of dollars.

And this survey is done by the IMF.

It's once a quarter, and it surveys what is your allocation of your reserves to dollars versus euros versus Swiss franc versus Swedish krona, etc.,

And the amazing thing is that with all the noise last year, just think back to Liberation Day, the big drop in the dollar in April 2025.

And then as we went through the year,

the altercations that President Trump had with the Fed, the massive rise in gold prices that we saw after October in particular, the allocations that foreign reserve managers are making to the dollar have been totally stable.

There has been no flight from the dollar.

There's also been no flight into the Euro.

That's pretty remarkable when you think about all the noise that we've had.

So I think the lesson that I draw from that is the hurdle for the dollar to lose reserve currency status, for there to be serious dollar debasement, it's pretty high.

But again, for Sweden, this is a really big opportunity for

Sweden traditionally has always been considered kind of a high beta currency.

It's super volatile.

You didn't really want to hold it because it banged around all over the place on news.

Most recently, so over the course of the last six, nine months, the Swedish krona has started trading like the Swiss franc, so like a safe haven currency.