Gabriel Makhlouf, a member of the ECB Governing Council, asserts that the euro is not positioned to challenge the US dollar’s dominance in global finance due to insufficient economic integration and structural challenges within the eurozone.
Makhlouf attributes the euro’s recent appreciation more to global investor concerns about the US rather than inherent strengths in the eurozone economy, indicating that Europe must prepare better to increase the euro’s global status.
In Makhlouf’s view, achieving deeper economic autonomy and integration in the EU is crucial for the euro to be considered a global reserve currency. He urges EU leaders to treat current uncertainties as an opportunity for strengthening economic sovereignty.
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