The global financial order is under increasing strain as the United States retreats from its traditional hegemonic role and the dominance of the US dollar faces mounting challenges. Trade tensions, widespread use of tariffs, the expansive deployment of sanctions, and growing doubts about institutional reliability have led both states and markets to reconsider alliances, partnerships, and their dependence on a US-centred monetary and financial system. A system once grounded in reciprocity and predictability now risks fragmentation and a shift towards multipolar rebalancing, with significant consequences for financial stability and international cooperation. The combined resurgence of power politics and fast technological disruptions is heightening uncertainty and reshaping the landscape of global finance as well as the entire monetary system.
For Europe, these dynamics intersect directly with debates on strategic autonomy and the evolving role of the euro, raising urgent questions about Europe’s resilience and position in a rapidly changing global order.
