Euro's rise as global currency could challenge US dominance and influence.
The article discusses the potential for the euro to become a more important international currency. If this happens, it could reduce Europe's reliance on the US dollar and limit US influence. Factors like economic size, financial stability, and political power play a role in a currency's international status. The euro has been the second most used currency for the past twenty years, but its share fluctuates based on the stability of the euro financial market. To increase the euro's international role, improvements in the euro-area financial system, banking union, capital markets union, and a common foreign policy are needed. The European Central Bank should also be more proactive in promoting the euro's international use.