According to ING’s Carsten Brzeski, Europe has not yet achieved the 'global euro moment' that European Central Bank (ECB) President Christine Lagarde envisioned for 2025. Despite several initiatives over the past year—including the launch of the Savings and Investment Union in March 2025, securitisation reform, a market integration and supervision package, updated payment services rules, and a Savings and Investment Accounts recommendation—structural issues persist. Brzeski highlights that fragmented capital markets and significant, underutilized household savings continue to limit the euro’s strategic international role [1].
Additional data points include a tripling of European Investment Bank (EIB) defence investment and a 36% increase in EU defence spending since 2022. Furthermore, Europe’s six largest economies have issued a joint letter demanding a capital markets agreement by the summer [1].
Despite these efforts, Brzeski argues that the optics are 'not good' and that Europe’s opportunity to reshape the international monetary system in its favor remains unfulfilled. The article suggests that while the window for action is open, substantial progress is still required for the euro to gain greater global influence [1].
CONCLUSION
Europe has made notable policy and investment strides, but ING’s analysis indicates that the euro’s global influence remains constrained by persistent structural challenges. The market impact is currently low, as the reforms have yet to translate into a significant shift in the euro’s international role.