Julius Lustfeld

Julius Lustfeld is HEGEMON's Sectoral Correspondent for Monetary Systems. He is completing an MSc at Bocconi University, focusing on monetary policy, exchange and interest rates, and the geopolitical forces that shape them.

Central Banks Are Diversifying Their Reserves. The Infrastructure Is Not.

Central banks seek less dependence on the dollar, but diversification has limits. The deeper challenge is gaining control over how reserves are priced, held, and settled.

By Julius Lustfeld

/ 6 Oct 2026

Central Banks Are Diversifying Their Reserves. The Infrastructure Is Not.