http://www.addbontn.com international co-operation. The USA sought to devalue its foreign debts by a dollar depreciation, and force other countries to expand to absorb increases in US exports (this was the 1971 strategy, which was repeated in 1985 and again in Other countries were forced to accept the implications of the new US unilateralism, because of the renewed centrality of the USA in the global political economy. In particular, to the US centrality in the international financial system, which was caused by the international role of the dollar as the major reserve currency and international unit of account; by the depth and liquidity of the US financial markets; and the fact that the offshore markets were largely Euro-dollar marketsThus, due to the aggressive and unilateral approaches the USA was able to sustain its ability to pursue a relatively autonomous macro-economic policy, with foreigners underwriting US deficits, by holding dollars, as well as to internationalise the costs of US adjustment (in relation to the oil shocks of the 1970s). An interesting point was made by Helleiner, citing a CIA report arguing that, the USA would receive the majority of OPEC funds for precisely those reasons, and that therefore OPEC, like http://www.addbontn.com Europe and Japan in the 1960s, would in effect support US policy autonomy .