European Central Bank Commissioner Rennes: Joint European defense borrowing could strengthen the euro's global status
According to online reports, European Central Bank Governing Council Commissioner Rennes said Europe should focus on defense investment because it will reduce costs, speed up the process, and create a new safe financial asset, thereby enhancing the euro's international status. European Central Bank President Christine Lagarde has said that unstable economic policies in the United States have created space for the euro to seize market share from the dollar on the global stage, but this requires the euro zone to restart a long-stalled process to complete its financial architecture. Joint defense borrowing could boost Europe and the euro's prospects in two ways: it would create a large, liquid safety asset necessary for the smooth functioning of the financial sector; it would also enhance defense capabilities, a must-have for any group issuing a major reserve currency.
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