Mahluf said: "These opportunities can actually enhance the EU's status and strengthen its sovereignty and autonomy, which is important and must be seized."
Mahluf, also the governor of the Irish Central Bank, said at an economic conference in Aix-de-Provence, France on Saturday (July 5) that the dominance of the US dollar will decline in the long term, but there are currently no euro assets as large and safe as US Treasury bonds in Europe.
Mahluf said: "To be honest, the European integrated economic system has not yet taken shape."
Gabriel Makhlouf, a member of the European Central Bank's Management Committee, believes that the eurozone countries are still in place to promote financial and economic integration, so the euro cannot replace the US dollar as the dominant currency in the global financial system in a short period of time.
He pointed out that the currency fluctuations in recent months and the euro appreciated sharply against the US dollar was due to investors' concerns about the rule of law in the United States, believing that this trend would suddenly lead to the euro replacing the US dollar, which is a bit far from reality because the euro is not ready yet.
Nevertheless, he agreed with the call from European Central Bank President Lagarde and other officials, suggesting that Europe take advantage of the current global uncertainty environment to strengthen Europe's own security, eliminate various obstacles that remain in the EU's single market, and increase the scale of joint financing for common European goals.