The heads of European Union institutions called for strengthening the euro and moving towards a union of capital markets, in a joint article published by the German Funke media group on Friday.
The article was written by the President of the European Commission, Ursula von der Leyen, the President of the European Parliament, Roberta Mizzola, the President of the European Council, Charles Michel, the President of the European Central Bank, Christine Lagarde, and the President of the Eurogroup, Pascal Donohue.
In the article – which comes on the 25th anniversary of the European Union’s single currency – the leaders stress the need for cooperation to overcome challenges, including growing geopolitical tensions and the climate crisis.
“Our competitiveness faces unprecedented challenges due to energy and industry policy measures in other parts of the world,” the heads of the companies say in the article.
They also called for the creation of a capital markets union spanning the entire continent that could be used to mobilize private financial resources.
The article explained that in order to increase competitiveness and security, “existing structures could be strengthened through adjustment of budget rules and a stronger banking union.”
The euro is heading towards achieving gains of 3.04% this year against the dollar, which is its first positive year since 2020.
According to an International Monetary Fund report issued last April, the dollar’s share of global foreign exchange reserves reached 58.3%, which is the lowest share in years, while the euro comes in second place with 20.4%, then the Japanese yen with 5.5%, then Chinese yuan by 2.6%.
