Dollar Ructions Lay Groundwork for a ‘Global Euro Moment’
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When the euro was born more than a quarter century ago, it arrived with much fanfare. Even the US Federal Reserve chair of the time, Alan Greenspan, was excited. “To the extent the euro becomes a far more formidable force in the world economy, it’s a benefit to everybody, especially the US,” he said in January 2000.
Today, while undoubtedly the second-most important reserve currency in the world, the euro holds a shadow of the dollar’s influence. European economic policymakers, with plenty of intra-region challenges and crises to keep them busy, had little reason to imagine the euro’s global role might do anything other than fade. Until Donald Trump’s White House return, that is.