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ECB Policymaker Calls for Europe to Prepare for Larger Global Role
Kocher says Europe must strengthen financial architecture as dollar's dominance wanes
Published on Feb. 9, 2026
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European Central Bank policymaker Martin Kocher said Europe must prepare to play a greater role in global finance as the dollar's dominance declines. Kocher argued the euro is becoming more of a safe haven currency and Europe needs to strengthen its financial architecture to take on a larger market share. He said this global realignment could mean a greater stage for the euro, and the bloc needs to be ready.
Why it matters
The ECB's moves come as Europe's relationship with the U.S. and competition from China are shaking the foundations of economic and defense policy, forcing the EU to rethink its global role. A larger international role for the euro could have significant implications for the global financial system.
The details
Kocher said the ECB last week unveiled plans to widen access to its euro liquidity backstop in a bid to boost the currency's global standing. He added that the U.S. administration's lack of concern about dollar depreciation means it will not take countermeasures. On monetary policy, Kocher said the ECB's steady-hand policy is compatible with its inflation target and would only change if the environment materially shifts.
- The ECB unveiled its plans to widen euro liquidity access last week.
- The euro is up 14% against the dollar from a year ago.
The players
Martin Kocher
European Central Bank policymaker and governor of the Austrian central bank.
Christine Lagarde
President of the European Central Bank.
What they’re saying
“We have been seeing a stronger role for the euro over some time. We are seeing more interest in the euro by counterparts and I think that's one of the reasons why we're seeing some appreciation of the euro, why the euro is becoming more of a safe haven currency.”
— Martin Kocher, European Central Bank policymaker (marketscreener.com)
“It's not an objective to play a larger role as the euro internationally, but we might be forced to do so. It's important to be well prepared.”
— Martin Kocher, European Central Bank policymaker (marketscreener.com)
What’s next
ECB President Christine Lagarde is expected to announce the details of the ECB's revamped euro backstop facility, commonly known as repo lines, later this week.
The takeaway
The ECB is preparing for the euro to potentially take on a larger global role as the dollar's dominance wanes, requiring Europe to strengthen its financial architecture and tools to stabilize the international financial system.
