The world order that has existed for decades is “fracturing,“ Lagarde said at the Hertie School for governance, reported German news agency dpa.
The “dominant role of the US dollar” was also being brought into question, she argued.
According to Lagarde, about 20 per cent of the world’s foreign exchange reserves are held in euros, with the dollar accounting for 58 per cent.
This could bring “positive implications” including making loans in the EU more favourable, protecting eurozone countries from exchange rate fluctuations and better protection against sanctions, she said.
The grasp these opportunities, Europe needs to keep its commitment to open trade, keep its economic foundations strong and capital markets liquid, and strengthen its legal foundations, Lagarde said.
These goals could be achieved “by uniting politically so that we can resist external pressures,“ she said.
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