William White, together with a number of other economists, answered this question in a submission to the Winter 2020 edition of “The International Economy”. White notes that the current dollar based regime is decidedly sub optimal, not least because it has no nominal anchor and no reliable lender of last resort, and it needs to be replaced. While there is currently no political appetite to engage in such discussions, the next serious crisis in the global financial system might change this. White suggests that a crucial exposure today is the massive reliance on short term dollar funding faced by many non US financial institutions. Should this trigger other problems, it might lead to a broader discussion of the shortcomings of the current International Monetary (Non) System.
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