europa wil sterker tegenwicht bieden aan de amerikaanse dollar

2026-02-06 buitenland

Brussel, vrijdag, 6 februari 2026.
op 16 februari bespreken de ministers van de eurozone hoe ze de mondiale rol van de euro kunnen vergroten. centraal staan twee ambitieuze plannen: de introductie van euro-stablecoins en meer gezamenlijke eu-schuld. deze stap richt zich expliciet op het verminderen van de afhankelijkheid van het door de vs gedomineerde financiële systeem. terwijl de dollar 60 procent van de wereldreserves vormt, is dat bij de euro slechts rond de 20 procent. nog kleiner is het aandeel van euro-stablecoins, die nu minder dan één procent van de markt halen. brussels stelt dat zonder snelle innovatie kapitaal blijft stromen naar de verenigde staten, ten koste van eigen investeringen. ook wordt gewerkt aan een grotere uitgifte van gemeenschappelijke eu-schulden om de liquiditeit te verbeteren. niet alle lidstaten zijn enthousiast, met name duitsland houdt zich terug. desondanks groeit de druk om strategisch zelfstandiger te worden binnen de wereldwijde financiële infrastructuur.

eurozone ministers prepare talks on financial sovereignty

On February 16, 2026, Eurozone finance ministers will convene to discuss strategies for enhancing the global role of the euro and strengthening Europe’s economic security [1]. Central to these discussions are proposals for issuing euro-denominated stablecoins and increasing joint EU debt issuance [1]. These measures aim to reduce dependence on the U.S. dollar-dominated financial system and reinforce European strategic autonomy within global financial infrastructure [1]. The meeting reflects growing urgency in Brussels to counterbalance American financial influence [1].

stablecoins and digital currency innovation

Regulators are exploring euro-stablecoins alongside other innovations such as tokenized deposits and central bank digital currencies (CBDCs) [1]. Currently, euro-denominated instruments represent less than 1% of the global stablecoin market, which remains overwhelmingly dominated by dollar-backed assets [1]. This imbalance underscores the limited international footprint of the euro in emerging financial technologies [1]. Officials believe that introducing reliable euro-stablecoins could help retain capital within Europe rather than seeing it flow toward U.S.-based financial products [1].

expanding the euro’s global financial role

To broaden the appeal of euro-denominated assets, EU officials propose deepening the bloc’s debt markets through expanded joint issuance for common projects [1]. They also suggest encouraging non-eurozone entities to issue securities in euros [1]. Another proposal includes invoicing key commodities—such as oil, gas, raw materials, defense, and transport equipment—in euros [1]. The European Central Bank is simultaneously working on expanding bilateral liquidity arrangements with third countries to support the euro’s international standing [1][5].

challenges in joint debt and political resistance

Despite ambitious plans, significant political hurdles remain, particularly regarding increased joint EU debt issuance [1]. Germany and several northern European member states continue to express opposition or reluctance toward deeper fiscal integration [1]. With approximately €1 trillion in outstanding joint EU debt compared to $27 trillion in U.S. federal debt, the scale difference limits the euro’s competitiveness in global markets [1]. One structural idea under discussion is transforming the European Stability Mechanism (ESM), valued at €500 billion, into a permanent EU institution responsible for consolidated debt issuance [1].

geopolitical drivers behind financial reforms

A key motivation for accelerating these reforms is concern over the weaponization of the international monetary system [1]. According to an internal European Commission document, there is a recognized risk that capital flight to the United States undermines European investment capacity [1]. “The risk that capital from Europe will flow to the United States, fuelling demand for U.S. assets at the expense of European ones,” warn EU officials [1]. This dynamic strengthens the dollar’s position while weakening Europe’s financial resilience and strategic independence [1][6].

Bronnen

euro-stablecoins gezamenlijke schuld