Editorial Note: This paper was originally authored by Dr. Ferid Belhaj in his personal capacity. It has been reproduced and modified by the Global Institute for Strategic Research (GISR), Member of Hamad Bin Khalifa University, Qatar. The views expressed herein reflect those of the original author and do not necessarily represent the positions of GISR or Hamad Bin Khalifa University.

This essay looks at today’s global monetary system through a realist lens and asks what it means for countries like Qatar. Its main argument is simple: the global financial system is not neutral or purely technical. It is shaped by power. Some countries have more influence because they control key parts of the system—such as access to liquidity, safe financial assets, legal authority, and global financial networks.

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