Positive policies can make euro respected global currency: ECB president

The euro has the potential to become a respected international currency through efforts such as fiscal consolidation and maintaining an open international trade system, offering global investors reliable alternatives to the U.S. dollar, said European Central Bank President Christine Lagarde in Beijing on Thursday.

Amid growing global concerns regarding the unpredictability of U.S. fiscal and trade policies, as well as the fragility of the U.S. dollar-centered system, Lagarde noted that she observed the size of the euro in the global market has not decreased; rather, it has remained stable.

"There are proposals that could increase its role on a global basis if we can strengthen and reinforce and deepen our capital market union, for instance, so that investors have full confidence in the economic landscape of Europe. If we can respect our fiscal policies in the way that has been agreed between the members of the European Union, and it gives confidence that we will respect the rules that we set for ourselves. If we continue to have an open trade relationship with as many countries as possible, and we have currently agreement with 72 countries around the world. And we have to develop them and pursue them. And if we can continue to respect the rule of law, I think that the euro is in a good position to attract the attention of investors," Lagarde told China Global Television (CGTN) in an interview.

The ECB president noted that with policy maker support and time, the euro has the potential to become a respected international currency.

"I'm not suggesting that the euro will take over and be the currency of reference and the international reserve currency in a matter of years, I think it takes more time, but I think that the euro has the ingredients if the policy makers so decide and move forward and have the courage to do so, to be a very respected currency by those who invest money in places where they feel confident that the rules will be respected and that the trade will prosper and investment will be welcome," Lagarde said.

Moreover, Lagarde said she believes that a stronger euro would benefit both Europe and the global economy by offering alternatives.

"I think that transition if it was to happen and certainly the steps that we should take in that direction would be beneficial for Europe, but would be beneficial for the world as well because it's always good to have alternatives," she said.

Positive policies can make euro respected global currency: ECB president

Thousands of demonstrators rallied in Italy and Greece on Saturday to protest against U.S. military intervention in Venezuela, with protesters in Rome, Milan and Athens condemning Washington's actions and calling for respect for Venezuelan sovereignty.

In Rome, more than 1,000 demonstrators marched toward the area near the U.S. Embassy, calling on Washington to immediately release Venezuelan President Nicolas Maduro and his wife.

Police blocked roads around the embassy to prevent protesters from approaching the building, but demonstrators continued to denounce U.S. actions.

"First of all, we oppose U.S. imperialist aggression. This kind of behavior is shameful. The U.S. is attacking a sovereign country, and as [U.S. President Donald] Trump himself has said, this is for oil interests," said protester Giovanni Barbera.

Saturday's rally marked the second large-scale protest in Rome this month against U.S. military operations in Venezuela, following an earlier one on on Jan 3.

Participants included members of multiple political parties, labor unions and social organizations. The protesters held banners reading "Stop imperialist interference" and "Free Maduro," urging the international community to respect Venezuela's sovereignty and the will of its people, and condemning the U.S. for violating international law.

"We are protesting the way the U.S. handles international politics. Since the events of January 3, we have seen violations of international law, and we are very concerned about how the global situation is developing," said protester Stefano De Angelis.

Organizers said solidarity rallies in support of Venezuela were held in 30 Italian cities on the same day.

Meanwhile, similar protests were also staged in Greece. About 200 people gathered outside the U.S. Embassy in Athens, voicing support for Venezuela and opposition to U.S. military actions.

"We oppose U.S. imperialism and its attack on Venezuela. At the same time, the U.S. is also threatening Cuba, Mexico and Greenland. We must stand up against this behavior," said Greek protester Argiro Sirmakezi.

Protesters rally in Italy, Greece against U.S. military operation in Venezuela