Should European countries want the euro to replace the dollar as the world'...
LONDON - Should European countries want the euro to replace the dollar as the world’s dominant reserve currency, the Sino-U.S. trade war may offer a window of opportunity.
Yet, a year into a bitter tariff war, there are some signs of Beijing’s discomfort at being both the United States’ biggest trade adversary and one of its biggest creditors. And China has stepped up buying debt from Europe’s quasi-sovereign entities, bankers told Reuters, in particular the European Stability Mechanism a euro zone-guaranteed AAA/A1-rated bailout fund.
“In the euro zone there is not a big risk-free market...Twenty years down the line it may be different.” Ross Hutchison, a fund manager at Aberdeen Standard Investments, says it boils down to the fact the United States “has a federal nature that the euro area hasn’t got yet”. Italy on the other hand has the bloc’s biggest government bond market, worth $2.3 trillion. But its poor debt-to-GDP ratio, sluggish economy and populist policies make its bonds riskier and its credit rating is a notch or two above junk.
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