The EU needs to step up its challenge to the dollar

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Financial Times 14h ago

The EU needs to step up its challenge to the dollar - Financial Times

Quick Summary:

US downgrades are sufficiently rare that it is hard to be sure of a pattern here.(Fitch’s, in 2023, was more lost among other market forces.) But it is clear bad news is no longer good news for the dollar and US bonds in the way it once was.

Sowing the use of euros more liberally across clean energy exports or imports of technology services, for example, would embed the currency more firmly in the guts of the world’s financial system.

This drew heavily on an under-appreciated related issue: the role of the euro in global trade and payments.