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The European Union is now openly downplaying the US dollar saying that the euro could be the next global currency. The European Central Bank Governor Christine Lagarde argued that the next viable option to the US dollar is the euro. In a speech in Berlin, she stressed that the erratic economic policies of the White House have spooked global investors away from US-based financial assets. Also Read: Goodbye US Dollar: ASEAN Nations Sign Deals To Trade in Local Currency The exposure to the US dollar is on the decline and the European Union is aiming to seize the opportunity. “The ongoing changes create the opening for a ‘global euro moment’,” said Lagarde. Many have opted for other leading currencies while most of the investments have flown into gold. Even Asian-based financial assets, especially in China have received an influx of funds this year. European Union Wants the Euro to Replace the US Dollar Source: Shutterstock America’s global dominance is now being questioned by its clo...

European Union (EU) leaders have vowed to deliver a firm response against the tariffs imposed by US President Donald Trump. Trump imposed tariffs on steel and aluminum imports ranging between 25% to 10%, respectively. The tariffs have not gone down well with the EU as it would impact their imports and exports sector. Also Read: Should You Buy Warren Buffett-Backed Oil Giant Chevron (CVX) Stock? Ursula von der Leyen, European Union’s President vowed that the US tariffs “will not go unanswered.” “I deeply regret the US decision to impose tariffs on European steel and aluminum exports,” she said to AFP. The tariffs on steel and aluminum are imposed on Argentina, Australia, Canada, Mexico, EU countries, and the United Kingdom. She called the US tariffs on the European Union “unjustified” and will take “proportionate countermeasures” to challenge Trump’s trade policies. “Unjustified tariffs on the EU will not go unanswere...

Western leaders from Europe are facing jitters as the BRICS 2024 summit is held in the Kazan region of Russia. Talks of isolating Russia through sanctions have failed as representatives from over 40 countries are participating in the outreach. Policies about de-dollarization, ending reliance on the Euro and Pound, and pushing local currencies for trade will be discussed in the three-day summit. Also Read: BRICS De-Dollarization Begins: 40 Countries To Attend 2024 Summit The Western world is closely watching the BRICS 2024 summit as the new policies could affect their trade and global dominance. This could put them in an uncomfortable situation as the decision to alter global finances is no longer in their hands. Developing countries are in the driver’s seat pushing the West in the rear seat on decision-making. Also Read: Russia Discusses BRICS Currency Before 2024 Summit BRICS 2024 Summit Gets Reaction From Former Western Leaders Source: csis.org / Martin Bertrand / Adobe Stock T...

EU lawmakers are anticipating the arrival of the digital euro, though German politician Joana Cotar is pushing back against the currency and fighting in favor of Bitcoin. The European Union has been actively preparing for what it envisions as the future of money. Over the last year, it finalized its landmark comprehensive crypto legislation, the Markets in Crypto-Assets regulation (MiCA), which is due to take effect in 2024, after closing its second consultation in October.  It has also made progress in its plan to introduce a central bank digital currency (CBDC), which is coming to fruition as the “ digital euro.” The Bank of the Netherlands has described it simply as an “electronic form of public money - the coins and notes in our wallets.” Many local regulators are embracing the digital euro and touting its potential benefits, though not everyone is on board. A recent survey out of Spain revealed that as much as 65% of Spaniards are not interested in using the digital euro. Slo...

In our latest Cointelegraph Report, we analyze the causes leading to the decline of the U.S. dollar as the world reserve currency and its potential implications. De- dollar ization, the decline of the United States dollar as the world’s dominant reserved currency, is underway, and it’s gaining momentum.  For over 100 years, the U.S. dollar has been the world reserve currency, which means it has been the dominant foreign currency held by central banks to carry out international transactions and settle international debt.  However, in the last 20 years, the dollar ’s dominance in countries’ reserves has decreased from 70% to under 60%, according to the International Monetary Fund. This trend has been accelerating since last year, when the U.S. and its allies froze Russia’s dollar reserve as a response of the country’s invasion of Ukraine. Since then, several countries have been looking for alternatives to the U.S. dollar . Some are discussing the creation of new currencies for intern...