What are the benefits of such moves. Is it sustainable especially for developing world to take the move as well. Dollarisation has been considered of worth in the shortrun, and not in the longrun. Countries that have dollarized are now trying to move back.
Just replacing it with another existing currency would just create a new dependency on another country and its currency. I am involved in a project suggesting a whole new global currency, that would simultaneously mitigate climate change. I would suggest this as a solution.
http://climatecolab.org:18081/web/guest/plans/-/plans/contestId/1300701/planId/1307204
http://climatecolab.org:18081/web/guest/plans/-/plans/contestId/1300205/planId/1305321
I think that the real problem is not moving from an international reserve currency to another, but re-thinking the International Moneatry Systems following Keynes'suggestions about an International Clearing Union.
Let me clarify a point:
In Keynes' Clearing Union, the international money (the so called Bancor) would be created every time a deficit country used the overdraft facilities provided by the Clearing Union to pay for its imports towards a surplus country. Money creation would thus take the form of an increase in the positive Bancor balance of the surplus country with the Union. Consequentely we have an international unit of transaction, the Bancor, that does not correspond to a national currency.
Each country would hold an account with the Clearing Union. The accounts would be denominated in an international unit of account called Bancor. The equivalence between Bancor and the currency of each country would be set at a certain par. The initial balance of each account would be set to zero Bancor.
Let me suggest a very good paper on this field: Amato M. and Fantacci L., Back to which Bretton Woods?Liquidity and clearing as alternative principles for reforming international finance,
http://en.diis.dk/files/_Staff/lfo/BW%20selected%20papers/11_Back%20to%20which%20BW_Fantacci.pdf
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