Dollar dominance in the Global Financial System: Dissatisfaction without Displacement

“Dollar Dominance in the Global Financial System: Dissatisfaction without Displacement” was the title of a paper by Massimiliano Castelli, Managing Director at UBS Asset Management and Head of Strategy and Advisory for Sovereign Institutions, published in the June 2026 issue of Financial and Economic Review. In connection with this article, the Hungarian Economic Association (HEA), its Monetary Section, and Hitelintézeti Szemle organized an English-language panel discussion on the HEA’s YouTube channel.

At the beginning of the event, the audience was welcomed by Barnabás Virág, Chief Advisor to the Governor of the Magyar Nemzeti Bank (MNB), Chairman of the Editorial Board of the Financial and Economic Review, and a member of the Board of the HEA Competitiveness Section. This was followed by a brief presentation by the author of the paper, outlining its key findings and conclusions. The participants in the panel discussion following the introductory presentation were Massimiliano Castelli; Róbert Rékási, Head of Department at the MNB; and Frigyes Ferdinánd Heinz, Global Head of Macro Analysis and Strategy at OTP Fund Management. The panel discussion was moderated by Ádám Banai, Executive Director of the MNB, Editor-in-Chief of the Financial and Economic Review, and Co-Chair of the HEA Monetary Policy Section.