ING: The US dollar is gradually losing its safe-haven status

On May 30, Blom, chief economist of ING Group, pointed out in a report that the dollar is gradually losing its safe-haven status, which brings opportunities for the eurozone. The EU now has a unique opportunity to capitalize on investors’ misgivings and promote the euro as a reserve currency, a move that would bring significant economic benefits. She said the increased demand for the euro means lower borrowing costs for eurozone governments, businesses and homeowners. The allocation of the euro as an alternative safe-haven currency can also bring stability during economic downturns. Blom stressed that if the EU wants to take advantage of the weakness of the United States, it needs to move quickly and start designing an acceptable framework for issuing eurozone bonds.