European Union Sidelines US Dollar, Backs Euro as Next Global Currency
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...