Alternative financial system will emerge; dollar to remain global currency: Subhash Garg

Former DEA secretary Subhash Garg said that he does not expect an impact on the dollar-based financial system in wake of the Ukraine crisis and sees it as a major global currency for many years to come, if not in the entire globe, at least in the U.S. block. “If you take two hundred countries, I think three fourth will still be in the U.S. block,” Garg told Fortune India on the sidelines of an interaction on his debut book — The $10 Trillion dream. For the other block of 50-60 countries, Garg believes that an alternative financial system will emerge. However, he points that the developmental finance system may also get bifurcated into two blocks in the future.