Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Information Minister in Pakistani-administered Kashmir: Five civilians killed and at least 29 others injured in shelling across the border with India
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: So he [Trump] decided to cut off contact. That might still change, but that’s the situation right now
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: Trump’s circle told him [Dermer] that Netanyahu was manipulating him, and there’s nothing Trump hates more than being portrayed as someone being played
Senior Palestinian official to Al Mayadeen: Meetings between the Israelis, Egyptians, and Qataris are all centered around the Israeli proposal, which does not guarantee an end to the war [on Gaza]
Senior Palestinian official to Al Mayadeen: “Israel” is threatening to expand the ground offensive if Hamas rejects the proposal
Senior Palestinian official to Al Mayadeen: Hamas rejects the Israeli proposal, viewing it as failing to guarantee an end to the war
Senior Palestinian official to Al Mayadeen: “Israel” is sticking to its proposal, and insists there is no alternative offer on the table for negotiation
Senior Palestinian official to Al Mayadeen: The meetings between the Israelis and the Egyptians and Qataris all revolve around the Israeli proposal
The administration was clearly looking for an off-ramp for this campaign against Ansar Allah, NBC News reports, citing US official
Trump's operation against Ansar Allah cost more than $1 billion, NBC News reports, citing US official

ECB Chief says US dominance dwindling as world becomes 'multipolar'

  • By Al Mayadeen English
  • Source: Agencies
  • 18 Apr 2023 17:05
3 Min Read

The European Central Bank chief Christine Lagarde stresses that there will be "first-order implications” for central banks as the world becomes more multipolar.

  • x
  • The President of European Central Bank Christine Lagarde attends a press conference following the meeting of the banks governing council in Frankfurt, Germany, Thursday, Feb. 2, 2023. (AP)
    The President of European Central Bank, Christine Lagarde, attends a press conference following the meeting of the banks governing council in Frankfurt, Germany, Thursday, Feb. 2, 2023. (AP)

The European Central Bank's President Christine Lagarde, said during a speech to the Council of Foreign Relations in New York that the world "may be becoming more multipolar."

Lagarde warned “We are witnessing a fragmentation of the global economy into competing blocs, with each bloc trying to pull as much of the rest of the world closer to its respective strategic interests and shared values,” adding, “And this fragmentation may well coalesce around two blocs led respectively by the two largest economies in the world.”

According to the chief, "tectonic plates of geopolitics are shifting faster” and this new “global map” would have “first-order implications” for central banks. Lagarde also mentioned the Covid-19 pandemic, the war in Ukraine, the "weaponization" of energy, and the China-US rivalry as causes for the global order shift.

The ECB chief said China became a challenge for US dominance after countries began seeking alternatives to "major traditional currencies for international trade”. As such, all countries that sought to diminish their dependence on the US found this time period as an opportunity "to reduce their dependency on Western payment systems and currency frameworks.”

However, Lagarde emphasized that despite all this change, it remained that the changes did not amount to "imminent loss of dominance for the US dollar or the euro”, but they do “suggest that international currency status should no longer be taken for granted.”

Lagarde noted that multipolarity can have a positive impact on Europe, asserting that "the multiplier effect of common action" in areas like industrial policy, defense, and investment in green and digital technologies will be "much higher" for member states, saying that it "raises the stakes for internal policy cohesion."

Related News

ECB pressures Eurozone banks to expedite exit from Russia: FT

US economic growth 'unlikely to last', IMF Managing Director says

In addition, the chief noted it could be an opportunity to tack the "long-delayed projects" like integrating the capital market. 

In conclusion, Lagarde stated that the EU needed to get ready for "the new reality" and quoted Ernest Hemingway saying, “Fragmentation can happen in two ways: gradually, and then suddenly.”

Russia, Africa to jointly build new world order: Putin

Russian President Vladimir Putin said African nations will become one of the main pillars and pioneers of the new world order, stressing that relations between Russia and Africa are developing to unprecedented levels, and Moscow aims to expand these ties.

Putin made the remarks addressing the 'Russia-Africa in a Multipolar World' plenary session as part of the second Russia-Africa International Parliamentary Conference held on Monday, which is attended by representatives of over 40 African countries.

"African states are constantly increasing their role in world affairs. More and more confidently declare their position in politics and economics. We are convinced that Africa will become one of the leaders of the emerging multipolar world order," he said.

Despite only accounting for 3% of world GDP, African countries are witnessing exponential economic growth, Putin noted, adding that Russia aspires to reach a strategic partnership with the African nations to jointly transition the current global affairs into the new world order.

Read more: Swedish inflation shows slight decrease after reaching a record 12.4%

  • ECB
  • Christine Lagarde
  • European Central Bank
  • European Union

Most Read

Pro-Palestinian protesters march toward the US Immigration and Customs Enforcement (ICE) headquarters, Saturday, April 5, 2025, in Washington (AP)

US House to vote on bill criminalizing boycott of 'Israel'

  • Politics
  • 3 May 2025
Throughout Operation Prosperity Guardian, current and former US military and intelligence officials expressed disquiet at the enormous “cost offset” involved in battling Ansar Allah. (Al Mayadeen English; Illustrated by Zeinab El-Hajj)

Ansar Allah triumphant: US facing Red Sea defeat again

  • Opinion
  • 3 May 2025
Pakistan downs an Indian jet and hits a military base in Kashmir escalation.

Pakistan downs 3 Indian jets, hits military base in Kashmir escalation

  • Politics
  • 7 May 2025
Trump cut off contact with Netanyahu, senior Israeli official says

Trump cut off contact with Netanyahu: Israeli media

  • US & Canada
  • Today

Coverage

All
Gaza prevails against genocide

Read Next

All
UN experts warn: Stop the genocide or witness Gaza's end
Politics

Stop the genocide or witness end of life in Gaza: UN experts warn

Israeli police attack mourners as they carry the casket of killed Al Jazeera veteran journalist Shireen Abu Akleh during her funeral in occupied al-Quds, Friday, May 13, 2022. (AP)
Politics

Israeli sniper who killed journalist Shireen Abu Akleh identified

The Department of Defense logo is seen on the wall in the Press Briefing room at the Pentagon, Oct. 29, 2024, in Washington. (AP)
Politics

Pentagon’s unused properties drain billions in taxpayer funds

Haaretz
Palestine

Israeli military avoids calling up unwilling reservists: Haaretz

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS