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ECB Official Warns U.S. Criticism Threatens Dollar Dominance

1/8/2026

Summary

Story summary

European Central Bank official Francois Villeroy de Galhau warned U.S. criticism of the Federal Reserve jeopardizes the dollar's dominance.
He said policies raise doubts about U.S. fiscal discipline and could spur new payment systems.
Villeroy de Galhau said uncertainty could benefit the euro and push toward a multipolar monetary system.
He also called for a euro-denominated safe asset, citing France's positive inflation data as supportive of favorable interest rates.

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Story summary

European Central Bank official Francois Villeroy de Galhau warned U.S. criticism of the Federal Reserve jeopardizes the dollar's dominance.
He said policies raise doubts about U.S. fiscal discipline and could spur new payment systems.
Villeroy de Galhau said uncertainty could benefit the euro and push toward a multipolar monetary system.
He also called for a euro-denominated safe asset, citing France's positive inflation data as supportive of favorable interest rates.