The U.S. economy’s rapidly growing trade and current account deficits (2003-2007) and systematic weakening of the dollar against the Euro and other currencies raised several concerns about its future as the global reserve currency. The global financial crisis of 2007-2009, while reinforcing the U.S. dollar’s role as the most liquid and in demand currency (especially during periods of increased risk aversion) triggered a political debate on how the future global reserve currency system should be shaped.