How Can the Dollar’s Loss Be the Euro’s Gain?

As the U.S. retreats from its traditional role as guarantor of the global financial system, the euro faces both a challenge and an opening: can it evolve from a regional currency into a true pillar of the international monetary order?

This study group, led by M-RCBG Fellow Ludovic Subran, will examine how Europe’s economic weight, institutional choices, and integration of digital infrastructure shape the euro’s prospects for global leadership. We’ll explore the strategic implications of competing with the dollar and emerging digital currencies, the governance and fiscal reforms needed to sustain credibility, and the broader question of whether Europe is ready to translate monetary potential into geopolitical power.