16 July
ECB’s Stournaras sees European policy stability as competitive advantage over US
European Central Bank (ECB) Governing Council member and head of the Greek financial regulator Yannis Stournaras compared the unpredictable US trade policy with the balanced approach of the region’s officials. In an interview with Handelsblatt, he also noted the euro’s chances to strengthen because of the weakening dollar, which might lose its status as a global reserve currency.
Meanwhile, the euro’s stability is largely ensured by the ECB’s independence. The central bank has shown its ability to adapt flexibly to new conditions and maintain reliability amid internal and external shocks.
According to Stournaras, European countries should unite their efforts and work together to create a “common fiscal capacity.” The introduction of a new investment mechanism, similar to EU government bonds, will support both the euro and the bloc's economy, the official concluded.
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