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
Sources to Al Mayadeen: The news regarding a press conference tonight by the head of the Hamas movement in the Gaza Strip, Khalil Al-Hayya, is false.
Lebanese Ministry of Health: One person was martyred in an Israeli drone strike on the outskirts of Nabatieh al-Fawqa
Al Mayadeen's correspondent: The death toll in the al-Bureij camp massacre has risen to 19
Nicolas Maduro: Maria Corina Machado and imperialism wanted to spread violence and chaos so there would be no elections.
Venezuelan President Nicolás Maduro: We were able to neutralize 60 attacks on oil refineries and oil facilities and arrest more than 70 individuals involved.
CNN citing sources: Talks between Washington and Tehran are close to reaching a comprehensive agreement that could be concluded during the next meeting.
US Secretary of State: Washington will begin revoking visas for Chinese students affiliated with the Communist Party or studying in sensitive fields.
Israeli media: Western diplomats: There is a possibility that the US administration will sign an interim agreement or understanding with Iran.
Hamas: We affirm that we are making great efforts to stop the barbaric war on the Gaza Strip.
Hamas: We reached an agreement with Witkoff that includes the flow of aid and a professional committee taking over the management of the Gaza Strip's affairs immediately after the deal is announced.

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

US judges quietly consider private security amid Trump tensions

US judges quietly consider private security amid Trump pressures

  • US & Canada
  • 25 May 2025
Rep. Randy Fine, R-Palm Bay, answers a question about his House Bill 3-C: Independent Special Districts in the House of Representatives April 20, 2022, at the Capitol in Tallahassee, Florida (AP/Phil Sears)

GOP lawmaker says Gaza needs same end as WWII Japan, with nukes

  • MENA
  • 23 May 2025
President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
Iran advisor reveals details of US-Iran nuclear talks to Al Mayadeen

Iran advisor reveals details of US-Iran nuclear talks: Al Mayadeen

  • MENA
  • 24 May 2025

Coverage

All
War on Gaza

Read Next

All
Palestinians cross from the Israeli military Qalandia checkpoint near the West Bank city of Ramallah to occupied al-Quds on Friday, March 14, 2025 (AP)
Politics

Israeli regime arrests martyr Walid Daqqa's wife Sanaa

Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)
Politics

Yemen announces successful hypersonic missile strike on Ben Gurion

An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)
Politics

Hamas rejects Witkoff ceasefire plan, says alters terms: Sources

Iranian Foreign Minister Abbas Araghchi attends a news conference following his meeting with Russian Foreign Minister Sergey Lavrov in Moscow, Russia, Friday, April 18, 2025 (AP)
Politics

Iran denounces media speculation, reaffirms conditions for any US deal

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