Recent actions by the Trump administration have raised doubts about the dollar’s safe-haven credentials, and could contribute to a further decline in its share of global FX reserves. At the same time, European governments, led by Germany, are set to loosen fiscal policy, which will substantially increase the supply of safe euro-denominated assets over the coming years, and could set the stage for the euro to expand its role as a reserve currency.
This report is part of our Future of Europe series. Read more analysis, explore the supporting data, and learn about our broader European coverage on the dedicated Future of Europe page.
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