Our commitment to our dual objectives, together with the underlying strengths of the US economy, will help ensure that the dollar is strong and a source of global financial stability”. This is a very important statement from my colleague, with whom I have a very good relationship. Is the euro set to replace the dollar as a reserve currency?
The euro was not created to compete with the US dollar or to replace the dollar as international reserve currency. It was created in order to complete the single European market and to bring stability and prosperity to Europe. The success of the euro in deepening the single market for the past 11 years has been remarkable.