Dollar in Retreat, Euro on the Rise: Tariffs, Stablecoins, De-Dollarization, and the ECB’s Dilemma

by Nato Balavadze

In this paper we discuss:

• The factors behind the dollar’s recent decline;
• Whether the time for the “Global Euro” has finally arrived, or not;
• How de-dollarization is accelerating through BRICS policies;
• How USD stablecoins are re-building the global financial architecture; and
• The policy dilmma for the ECB given the recent euro appreciation. 

Download PDF: EUR-USD July 2025