In the ECB’s text report on the international role of the euro, Ch. Lagarde writes that as geopolitical tensions increase and innovations such as stablecoins emerge, payment methods are becoming more diverse, which poses a threat that currencies like the euro may be left behind.
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“There is no room for complacency. Forces of fragmentation are becoming increasingly apparent,” warned the ECB chief. “For the euro to become a truly global international currency, the euro area must create larger-scale and deeper, more liquid capital markets.”
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