Euro Must Be Actively Strengthened as Global Currency, ECB Official Warns

The euro's international usage is growing, but this increase stems from circumstantial factors rather than deliberate policy efforts, according to European Central Bank Executive Board member Piero Cipollone. He warned that the European Union cannot afford to wait passively while China and the United States take active steps to strengthen their currencies' global positions. Cipollone argued that Europe must translate its political ambitions for a stronger international role for the euro into concrete policy actions, rather than relying on automatic market forces to enhance the currency's global standing.