> That a country whose currency is world's reserve currency somehow concluded that they're cheated on
Thankfully there are alternative currencies that can be used for that nowadays.
Thankfully there are alternative currencies that can be used for that nowadays.
Iraq and Libya have tried, and look what's happened to them ...
The main reason countries are using the USD as the reserve currency is because if they don't, the "Free World TM" will bomb them back to the stone age.
Depending on risk profile, desire for diversification and acceptance of variability, swiss francs, british pounds, chinese yuan, indian rupee, japanese yen, south korean won, etc. can also be used.
There's not enough euro issuance to replace Treasuries, and issuing more (particularly at EU level where it would really help) is super, super controversial.
Small countries would probably have an easier time of it because they can just trade however they like without having to mollify their own bureaucrats. The traders will figure it out. The threat of US intervention is real, but I wouldn't be certain about whether it gets more or less pressing for smaller countries. The US probably won't even notice what they are doing if they keep quiet enough. Oil trading would be a different story though.
Because EU and US sanction Chinese banks and company that do that. What does that have to do with the exact currency? they’d have the same issue if they wanted to use dollars or euros (to answer your question € is the other option smaller countries have).