In the short term, the process of de-dollarization is exploiting the current state of the business cycle in the US and EU. Just a small decrease in the number of transactions in which the dollar is denominated will cause a devaluation of the dollar and a prolonged state of higher interest rates in the US, together with quantitative tightening—all leading to a weakening of the economic position of the US, the EU, and the other G7 countries.