7 July
ECB Vice‑President: euro could become new global reserve currency
Luis de Guindos, Vice‑President of the European Central Bank (ECB), believes the euro could one day rival the US dollar as a reserve currency. In his opinion, this will be possible if EU countries unite in favor of integration.
Bloomberg analysts caution that, for now, the euro is not yet a viable substitute for the dollar. The greenback still represents almost 60% of global foreign‑exchange reserves, while the euro accounts for roughly 20%. Even so, recent developments such as US President Donald Trump’s tariffs and his public criticism of the Federal Reserve have weighed on the dollar and helped strengthen Europe’s single currency.
The euro’s recent appreciation reflects growing investor confidence in the economic fundamentals of the bloc's countries, ECB President Christine Lagarde noted. Still, a large‑scale shift from the dollar to the euro remains a distant prospect.
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