European Central Bank chief Lagarde argues that the EU has a rare chance to challenge US dollar dominance. In a speech at European Parliament yesterday she urged to speed up Draghi’s reforms and complete the single market. Further integration would boost the euro’s global role if coupled with rebuilding of hard power. She argues that the instability in US politics and markets has opened space for the EU to become a true global alternative.
The US dollar already weakened a lot, like 10% down since Trump took office. Lagarde said that the EU could move to replace the US dollar simply by speeding up reforms.
- Rebuild Europe’s hard power
- Speed up ever-closer Union
- Complete the Single Market
- New trade deals