Core Viewpoint - The European Central Bank President Christine Lagarde stated that if governments strengthen the financial and security framework of the Eurozone, the Euro could become a viable alternative to the US Dollar, benefiting the G20 significantly [1][3]. Group 1: Euro's Global Role - The Euro's global role has stagnated for decades due to the lack of a robust financial system in the EU and insufficient willingness among governments for further integration [1][3]. - Lagarde emphasized that the Euro will not automatically gain influence and requires concerted efforts to enhance its global standing [1][3]. - Currently, the US Dollar accounts for 58% of global foreign exchange reserves, the lowest in decades, while the Euro holds only 20% [3]. Group 2: Military and Economic Strength - Lagarde pointed out that to elevate the Euro's status, Europe must simultaneously enhance its military capabilities to support partnerships [3]. - She noted that investors, particularly official ones, seek geopolitical security and are inclined to invest in regions that can provide reliable security partnerships [3]. Group 3: Economic Reforms and Capital Markets - The need for deeper and more liquid capital markets in Europe was highlighted, along with the necessity for a stronger legal foundation and security capabilities to support open trade commitments [1][3]. - Lagarde stressed that internal economic reforms are urgent, as the Eurozone's capital markets remain fragmented and inefficient, lacking widely available safe assets for investors [3][4]. - She suggested that joint financing could provide a basis for gradually increasing the supply of safe assets in Europe, despite concerns from major Eurozone members about shared fiscal responsibilities [4]. Group 4: Ukraine's Currency Considerations - The Governor of the National Bank of Ukraine indicated that Ukraine is considering linking its currency more closely to the Euro instead of the Dollar, driven by increasing ties with Europe and global trade fragmentation [4]. - The shift towards the Euro is seen as complex and requires comprehensive preparation, although Euro-denominated transactions are gradually increasing in various sectors [4].