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Dollar hegemony is the term that describes the special relationship that the US dollar has to the global economy. The US dollar today underpins the world economy; it is the currency in which international transactions are usually carried out. Most importantly the international trade in oil is done in dollars. The European Union's euro could be considered by some to be an attempt to end the dominance of the dollar, and to a some extent it has; although the British pound has greater international acceptance..
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