The euro could gradually replace the dollar as an international reserve currency, but this cannot be done from one day to another, The Bank of Greece Governor Yiannis Stournaras estimates in an article published on the Economist. As the dollar has stated in the last eight decades, the dollar has withstood wars, recessions and economic crises, largely because the successive US governments have preserved some fundamental commitments, but today the opportunity is to question its world sovereignty.

According to Mr Stournaras, the above requires support from a stronger, more consolidated and developed economy of the euro area. “There are already foundations. Eurozone leaders remain committed to stability, freedom of markets, democracy and the rule of law. The euro is supported by a politically independent and reliable central bank that remains steadily committed to its order for price stability. ‘ he says.

In addition, in order to inspire confidence in the euro, recent initiatives taken (relaxation of fiscal rules in Germany, Europe’s re -equipment, etc.) is first required to complete the creation of creation of a complete monetary compound With the completion of the Banking Union, the promotion of the capital markets union as well as the transition to a joint financial management system.

As the BoG Governor notes, the euro has failed to become a awe of the dollar to date as his share of international reserves and pricing in trade is only slightly higher From the cumulative share of the national currencies it replaced 25 years ago.