According to BlockBeats, ING's Chief Economist Blom has highlighted in a report that the U.S. dollar is gradually losing its status as a safe-haven currency, presenting an opportunity for the Eurozone.
The European Union now has a unique chance to capitalize on investor concerns and promote the euro as a reserve currency, which could bring significant economic benefits. Blom noted that increased demand for the euro would lead to reduced borrowing costs for governments, businesses, and homeowners within the Eurozone.
Positioning the euro as an alternative safe-haven currency could also provide stability during economic downturns. Blom emphasized that if the EU intends to take advantage of the U.S.'s weakening position, it must act swiftly to design an acceptable framework for issuing Eurozone bonds.