Euro could become the dollar's alternative, says Lagarde

AWANI

The euro could become a strong alternative to the dollar and bring immense benefits to the 20-nation bloc if governments strengthen its financial and security architecture, says ECB President Christine Lagarde.

Transcript

00:00The euro could become a viable alternative to the dollar,

00:03earning the 20-nation bloc immense benefits.

00:07European Central Bank President Christine Lagarde says this can be done

00:11if governments could only strengthen the bloc's financial and security architecture.

00:18The ongoing changes create the opening for a global euro moment.

00:25And this is a prime opportunity for Europe to take greater control of its own destiny,

00:30but let's not fool ourselves.

00:34It is not a privilege that will be bestowed upon us because of who we are,

00:40what we stand for, and the values we uphold.

00:44It will have to be earned together.

00:49Any change in the international order that leads to lower world trade

00:55or fragmentation into economic blocks will be detrimental to our economy.

01:05Sad.

01:06Yes, but.

01:08With the right policy responses, there could also be opportunities.

01:13The changing landscape could open the door for the euro to play a greater international role.

01:21Europe can press home this advantage by continuing to forge new trade agreements,

01:26and we should make clear that we support a win-win approach to trade,

01:30ensuring that we are the most attractive partner to make deals with.

01:35We can do deals too.

01:36Sorry.

01:37And everybody else...

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