The International Risk Podcast Episode 317: The Rise of Parallel Financial Systems: Digital Currencies, Sanctions Evasion, and Geoeconomic Influence with Dr Daniel McDowell
This episode with Dr Daniel McDowell examines how digital currencies, financial sanctions, and geopolitical competition are shaping the future of the global monetary system. We explore why the US dollar continues to dominate global finance despite political pressure and technological change, how sanctions influence state behaviour, and why network effects make rapid currency shifts unlikely. The discussion also looks at the emergence of central bank digital currencies and alternative payment systems as hedging tools rather than immediate challengers to dollar dominance, and considers how domestic policy choices, alliance dynamics, and economic coercion may affect confidence in the system over time.
Dr McDowell is a leading scholar of international political economy and global finance. He is the Maxwell Advisory Board Professor of International Affairs at the Maxwell School of Citizenship and Public Affairs at Syracuse University, and a Non-Resident Senior Fellow at the Atlantic Council’s GeoEconomics Center. He is the author of Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar, and is widely known for his work on currency competition, financial sanctions, and the political foundations of monetary power.
The International Risk Podcast brings you conversations with global experts, frontline practitioners, and senior decision-makers who are shaping how we understand and respond to international risk. From geopolitical volatility and organised crime, to cybersecurity threats and hybrid warfare, each episode explores the forces transforming our world and what smart leaders must do to navigate them. Whether you’re a board member, policymaker, or risk professional, The International Risk Podcast delivers actionable insights, sharp analysis, and real-world stories that matter.
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Dominic Bowen is the host of The International Risk Podcast and Europe’s leading expert on international risk and crisis management. As Head of Strategic Advisory and Partner at one of Europe’s leading risk management consulting firms, Dominic advises CEOs, boards, and senior executives across the continent on how to prepare for uncertainty and act with intent. He has spent decades working in war zones, advising multinational companies, and supporting Europe’s business leaders. Dominic is the go-to business advisor for leaders navigating risk, crisis, and strategy; trusted for his clarity, calmness under pressure, and ability to turn volatility into competitive advantage. Dominic equips today’s business leaders with the insight and confidence to lead through disruption and deliver sustained strategic advantage.
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