Europe must raise the international profile of its euro currency to protect itse...
WASHINGTON - Europe must raise the international profile of its euro currency to protect itself from the domination of a “weaponised” U.S. dollar and help stabilize the international monetary system, the chairman of euro zone finance ministers Mario Centeno said.
“The foundations of the international monetary system are wobbling, as currencies are used to advance national interests that are narrowly defined. For some observers, the system in which the dollar holds a dominant and unrivalled position is on the cusp of reformation,” he said in a speech. Centeno said the world could be heading toward a multi-currency system in which the dollar would vie for dominance with others, notably the euro and the Chinese renminbi.
The favorite for currency reserves is the dollar with a 62 percent share of global reserves, while the euro has a 20 percent share.
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