The Iran war may be increasing countries' desire to diversify away from the U.S. dollar, but this won't change global commerce. The dollar's role as a global reserve currency has been criticized by some, including China, who believe it is a systemically overvalued dollar that disadvantages U.K. manufacturing. However, Maurice Obstfeld, a former chief economist at the IMF, argues that the theory that global demand for dollars is the cause of U.,S. current account deficits is a result of home-grown imbalances, which he argues are easier to modify than the dollar's global role. The role of the dollar has led to significant efficiencies in global trade and finance and has also benefited the United States.