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Since the demise of the Gold Standard, the US dollar has stood as the sole global currency, empowering the United States with considerable foreign policy leverage. However, developments like economic dislocations, geopolitical tensions, and digitalization pose challenges that could lead to fragmentation in the global monetary system. The risk is forming economic blocs that establish parallel, non-complementary systems that impede the free flow of capital and money across borders. The potential rise of national Central Bank Digital Currencies (CBDCs) offers a new tool to reshape the international monetary architecture for settling cross-border transactions. This chapter proposes a cooperation exercise between the European Union (EU) and the Latin American and Caribbean (LAC) region to explore and develop interoperable CBDC systems. The EU and LAC share a common interest in collaborating to influence the architecture of the following international monetary system. The cooperative development of CBDC experiments presents an opportunity for the EU and LAC to shape the future of cross-border transactions and strengthen their positions in the evolving international financial order.

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The Weaponization of Finance and Digitalization: A Cooperative Approach Between the EU and LAC

  • 章节

  • 出版模式：

    开放获取

  • 发表日期：

    2025年

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  • Nicola Bilotta

摘要

Since the demise of the Gold Standard, the US dollar has stood as the sole global currency, empowering the United States with considerable foreign policy leverage. However, developments like economic dislocations, geopolitical tensions, and digitalization pose challenges that could lead to fragmentation in the global monetary system. The risk is forming economic blocs that establish parallel, non-complementary systems that impede the free flow of capital and money across borders. The potential rise of national Central Bank Digital Currencies (CBDCs) offers a new tool to reshape the international monetary architecture for settling cross-border transactions. This chapter proposes a cooperation exercise between the European Union (EU) and the Latin American and Caribbean (LAC) region to explore and develop interoperable CBDC systems. The EU and LAC share a common interest in collaborating to influence the architecture of the following international monetary system. The cooperative development of CBDC experiments presents an opportunity for the EU and LAC to shape the future of cross-border transactions and strengthen their positions in the evolving international financial order.