European Central Bank (ECB) officials and the Bank of England (BoE) have reiterated the dominant role of the U.S. dollar in the global financial system. ECB Governing Council member Knot emphasized that there is currently no alternative to the dollar for many of its functions, and the prospect of dethroning the dollar remains distant. Similarly, BoE's Mann affirmed that the dollar remains the leading currency internationally. Meanwhile, ECB Executive Board member Nagel highlighted that while the euro is expected to strengthen as a reserve currency in the coming years, a stronger U.S. dollar is still necessary. These views underscore the continued reliance on the dollar as the world's primary reserve currency, even as the euro's importance is anticipated to grow. Historical context was provided noting that attempts to weaken the dollar, such as in 1971 under President Nixon, did not benefit U.S. trade or manufacturing, suggesting challenges remain in altering the dollar's status.