1 hour ago
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.
Recommended
French Prime Minister Francois Bayrou urges ECB to boost support for EU economy
9 minutes ago
JPMorgan CEO warns of potential Fed rate hikes in response to persistent US inflation
34 minutes ago
ISTAT reports unexpected drop in Italy’s industrial production in May after April growth
1 hour ago
UK producer inflation exceeded initial estimates
1 hour ago
1 hour ago
Top news
1 hour ago
1 hour ago
Today at 7:33 AM
Today at 7:23 AM