While the US dollar has been the dominant – but not the only – reserve currency since 1947, its role has been eroded as other currencies have gained market share. UBS’s Paul Donovan explains what might happen next.  

While the US dollar has been the dominant &ndash; but not the only &ndash; reserve currency since 1947, its role has been eroded as other currencies have gained market share. UBS&rsquo;s Paul Donovan explains what might happen next.&nbsp;&nbsp;

Delivering insights into the people, places and products shaping the financial week ahead. Hear from the finest minds and freshest thinkers as they take you beyond the numbers and the hype to get to the heart of the day’s big issues.

The Bulletin with UBS

What makes a reserve currency?

How are global entrepreneurs feeling about 2026 and about the future of their enterprises? The second annual UBS Global Entrepreneur Report reveals their optimism – and an appetite for expansion that’s undimmed by geopolitical uncertainty.

How are global entrepreneurs feeling about 2026 and about the future of their enterprises? The second annual UBS Global Entrepreneur Report reveals their optimism &ndash; and an appetite for expansion that&rsquo;s undimmed by geopolitical uncertainty.

The Global Entrepreneur Report 2026 

This authoritative asset offers a unique record of real returns across equities, bonds, bills, currencies and now gold – helping investors place market developments in historical context. With professor Paul Marsh and UBS’s Kiran Ganesh.

This authoritative asset offers a unique record of real returns across equities, bonds, bills, currencies and now gold &ndash; helping investors place market developments in historical context. With professor Paul Marsh and UBS&rsquo;s Kiran Ganesh.

‘The UBS Global Investment Returns Yearbook 2026’

Ahead of International Women’s Day we discuss women and the health gap with Marianna Mamou, head of advice beyond investing in the UBS CIO and author of a compelling new UBS report. 

Ahead of International Women&rsquo;s Day we discuss women and the health gap with Marianna Mamou, head of advice beyond investing in the UBS CIO and author of a compelling new UBS report.&nbsp;

What makes a reserve currency?

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