Latest news with #31stDubrovnikEconomicConference
Irish Independent
09-06-2025
- Business
- Irish Independent
‘Window of opportunity' to give euro global role, top ECB official believes
Isabel Schnabel describes moves by investors towards Europe amid US uncertainty as 'great news' ©Bloomberg Today at 21:30 European Central Bank (ECB) executive board member Isabel Schnabel sees a favourable moment now to strengthen the euro's global role as investors turn to Europe. There's a 'window of opportunity' to increase the international role of the euro, she said in a question to a panel at the 31st Dubrovnik Economic Conference on Saturday.
The Star
08-06-2025
- Business
- The Star
Schnabel says now is the right time to boost euro role
People walk in to the headquarters of the European Central Bank (ECB) in Frankfurt am Main, western Germany, past a giant Euro logo on April 17, 2025 ahead of the Eurozone's monetary policy meeting. (Photo by Kirill KUDRYAVTSEV / AFP) FRANKFURT: European Central Bank (ECB) executive board member Isabel Schnabel sees a favourable moment now to strengthen the euro's global role as investors turn to Europe. There's a 'window of opportunity' to increase the international role of the euro, she said in a question to a panel at the 31st Dubrovnik Economic Conference last Saturday. Earlier at the same conference, she said that there are signals that investors are focusing on the continent to diversify their portfolios. She had called it a 'positive confidence effect'. The remarks reinforce comments from policymakers including President Christine Lagarde, and show how officials are seeking to turn President Donald Trump's attacks on global trade and US institutions to their advantage. Investors have rushed out of the US dollar so far this year, with the greenback falling against every other major currency tracked by Bloomberg. At the end of May, Lagarde called Trump's erratic policies a 'prime opportunity' to boost the euro's global role and gain privileges long held by the US dollar. Furthermore, the changes 'create the opening for a 'global euro moment',' that politicians should seize, she said. Trump has threatened to hit the bloc with hefty tariffs over its trade surplus with the United States. — Bloomberg
Business Times
08-06-2025
- Business
- Business Times
ECB's Schnabel says now is right time to boost role of euro
[DUBROVNIK] European Central Bank Executive Board member Isabel Schnabel sees a favourable moment now to strengthen the euro's global role as investors turn to Europe. There is a 'window of opportunity' to increase the international role of the euro, she said in a question to a panel at the 31st Dubrovnik Economic Conference on Saturday (Jun 7). Earlier at the same conference, she said that there are signals that investors are focusing on the continent to diversify their portfolios, calling it a 'positive confidence effect.' The remarks reinforce comments from policymakers including president Christine Lagarde and show how officials are seeking to turn President Donald Trump's attacks on global trade and US institutions to their advantage. Investors have rushed out of the US dollar so far this year, with the greenback falling against every other major currency tracked by Bloomberg. At the end of May, Lagarde said that Trump's erratic policies offer a 'prime opportunity' to strengthen the euro's role and allow the currency bloc to enjoy more of the privileges so far reserved for the US dollar. The changes 'create the opening for a 'global euro moment,'' that politicians should seize, she said. Schnabel on Saturday referred to talks with financial market actors showing that investors are becoming more interested in diversifying and 'moving a bit into Europe – again, great news.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up She said that this is also due to expected higher public spending in Europe in defence and infrastructure. 'In the case of Germany, which has a lot of fiscal space, actually also investors saw it very positively that finally Germany gave up on its austerity,' she said. Schnabel highlighted that more investment into Europe ease financial conditions and lowers fragmentation – 'which is another very positive effect.' In recent weeks, Schnabel has emphasised the need for a big European bond market to strengthen the euro's global role and suggested considering joint debt to finance public goods in Europe. Commenting in an interview with El Pais published on Sunday, Spain's central bank chief Jose Luis Escriva also highlighted that 'the US dollar's dominance as an international reserve currency seems to be peaking.' 'The euro has the potential to compete with the US dollar, especially if it maintains its macroeconomic and institutional stability,' he said. 'With a strong economy and a trade volume larger than that of the US, Europe has room to strengthen the euro's role as a reserve and reference currency in an international trade still dominated by the US dollar.' BLOOMBERG
