Tehran - Saba:
Bank of Italy Governor Fabio Panetta emphasized that "the decline of the US dollar's dominance represents an important opportunity for Europe to strengthen its economic and financial presence on the global stage.'
At the annual meeting of the Italian Banking Association, Panetta noted that "growing doubts about the US economic role are pushing investors to diversify their portfolios away from the dollar and US markets."
He stressed that "seizing this opportunity requires revitalizing the European integration project, completing the single market, and adopting common policies in the areas of innovation, productivity, and growth," according to the Italian news agency ANSA.
Despite growing European calls to break away from the financial dominance of the US dollar, many challenges face any such project. Divisions in financial policies, the British withdrawal from the single currency (the euro), and numerous structural difficulties and obstacles prevent a serious engagement in a decisive battle against the dollar.
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