Recently, four currencies have managed to claim part of the share of the US greenback in the reserves of central banks, coinciding with the European Union's efforts to break the dominance of the US dollar in markets.
Cryptocurrencies, the euro, and the Chinese renminbi, along with Special Drawing Rights linked to the International Monetary Fund, have emerged as strong competitors to the US currency, drawing global attention to this market in recent years. The Financial Times reported that the European Union plans to combat the dominance of the dollar in global markets. It noted that one document reviewed by journalists indicates that global financial markets heavily rely on the US dollar. The report further emphasized that the document relates to overcoming difficulties similar to those faced by the EU after Trump reinstated sanctions against Iran and the need to protect countries from the consequences of illegal extraterritorial use of such measures. The newspaper pointed out the EU's need to find ways to enhance the role of the euro on the global stage, drawing lessons from the COVID-19 pandemic.
