European Central Bank Board Member Makhlouf: The euro is still unable to replace the dominant position of the US dollar in the world financial system.

Member of the European Central Bank Governing Council Gabriel Makhlouf stated that as Eurozone countries still have a lot of work to do in terms of financial and economic integration, the euro cannot quickly replace the US dollar as the core currency in the global financial system. The Governor of the Central Bank of Ireland mentioned that the dominance of the US dollar is expected to decrease in the long term, but currently Europe lacks a single fiscal capacity with safe asset characteristics like the United States, and cannot possess assets matching the US system. "To be frank, the European economic system has not yet formed," Makhlouf stated at an economic conference in Aix-en-Provence, France. He added, "To say that this will suddenly lead to the euro replacing the dollar is a bit exaggerated because the euro does not currently have the ability to do so."