Money, stablecoins and the dollar

In this episode of The Sound of Economics, host Rebecca Christie sits down with renowned economists Barry Eichengreen and Lucrezia Reichlin to discuss the past, present and future of money. Will the dollar remain the world’s global currency? How should we think about the euro and the renminbi? What about stablecoins? Eichengreen discusses current risks in the context of his new book Money beyond borders : global currencies from Croesus to crypto. Reichlin discusses Bruegel’s new paper, prepared for the 22-23 May 2026 informal meeting of European Union economic and finance ministers, which proposes allowing stablecoin issuers to pay interest and to have access to central bank reserves. As ministers gather in Cyprus, which currently holds the European Council presidency and was the birthplace of coined money in the 6th century BCE, we talk about how money came to be, where its risks lie and how to make the best use of it going forward.Related research: Reichlin, L., B. Sangers and J. Zettelmeyer (2025) ‘A new strategy to contain stablecoin risks in the European Union’, Policy Brief 09/2026, Bruegel Reichlin, L. (2025) 'The European Union should embrace decentralised finance and make it safe', Analysis 40/2025, Bruegel Eichengreen, B. J. (2026) 'Money beyond borders : global currencies from Croesus to crypto.' Princeton, New Jersey : Princeton University Press