The post-war global order is fracturing, tensions between great powers are rising and technological change is transforming the way we produce, distribute and consume. This environment clearly exposes Europe to new types of risk, as demonstrated today, for example, by the turn towards protectionist policies and the increasing use of sanctions.
So it’s no surprise that the ambition of building “European autonomy” is gaining traction and has been gathering momentum in various policy areas. 1/5  BIS central bankers' speeches  Where this overlaps most with the ECB is the international role of the euro. Issuing an international currency confers obligations, but it also creates opportunities.