ING’s Carsten Brzeski argues that Europe has yet to earn its “global euro moment” outlined by European Central Bank (ECB) President Christine Lagarde in 2025. Despite progress on initiatives like the Savings and Investment Union and capital markets reforms, he stresses that fragmented capital markets and large, underused household savings continue to limit the Euro’s strategic international role.

Structural savings and market fragmentation persist

"And one year ago, ECB President Christine Lagarde stood in Berlin and declared that the fracturing global order had created Europe’s “global euro moment”: a rare chance to step up, earn influence, and reshape the international monetary system in Europe’s favour. Twelve months on, let’s be honest: the optics are not good."

"And yet – to borrow from Monty Python’s Life of Brian – what has Europe ever done for us? Well, over the last 12 months: the Savings and Investment Union, launched in March 2025. A securitisation reform. A market integration and supervision package. Updated payment services rules. A Savings and Investment Accounts recommendation. EIB [European Investment Bank] defence investment tripled. EU defence spending is up 36% since 2022. A joint letter from Europe’s six largest economies demanding capital markets agreement by the summer."

"Europe’s “global euro moment” is still waiting to be earned. The more useful question, perhaps, is not what the Romans have done for us but what we are still willing to do for them. The window is open."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)