Gabriel Makhlouf, a member of the Board of Directors of the European Central Bank, said that the euro cannot replace the dollar quickly as the anchor of the financial system in the world, as it still has the countries that they use in financial and economic integration.
The governor of the central bank in Ireland said that the dominance of the dollar will decrease in the long run, but currently Europe lacks one financial capacity of safe origin, such as the treasury that will reflect the American system.
“Frankly, the economic system of Europe is still not the same,” Makhlouf said at an economic conference at AIX-EN-PROVINCE, France.
He added that the currency movements in recent months, which witnessed that the euro is estimated against the dollar, is more due to the investor’s concerns about the rule of law in the United States.
Makhlouf said: “It is a little distant thing to say that this will suddenly lead to the euro replacement with dollars because the euro is not ready to do so.”
However, he chanted the calls of his colleagues at the European Central Bank of Europe to use the current environment for universal certainty as an opportunity to enhance its security, raise barriers within its unified market and increase joint financing of common goals.
Makhlouf said: “These opportunities to increase the position of the European Union, to strengthen its sovereignty and the rule of recess, and it must be taken.”
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