ECB’s Makhlouf dismisses idea of euro overtaking dollar in global finance

Gabriel Makhlouf, a member of the European Central Bank's (ECB) Governing Council, says there is no way that the euro could replace the US dollar as the world’s top currency anytime soon. 

Although the Irish central banker acknowledged the greenback might gradually lose some of its power over time, he noted that the eurozone lacks a unified economic plan like the American Treasury market.

In recent months, the euro has strengthened against the dollar, a trend largely attributed to investor concerns over delayed US import tariffs on key trading partners. However, Makhlouf emphasized that deeper economic integration among EU member states would make a difference. The euro could truly challenge the greenback’s supremacy if it were to happen.

The ECB official believes it is important to take advantage of the current geopolitical uncertainties to strengthen the region's economic security and remove barriers within the single market. He also identified increased co-financing for national projects as a top priority.