Gabriel Makhlouf, a member of the European Central Bank's Governing Council, stated that the euro is not yet prepared to replace the US dollar as the dominant global reserve currency. Despite ongoing discussions about the euro's potential to challenge the dollar's role in the international financial system, Makhlouf emphasized that the euro cannot quickly supplant the dollar’s position. Additionally, a former ECB official has advocated for Europe to support euro-denominated stablecoins to maintain its financial influence. These remarks highlight the current limitations of the euro in achieving a leading role in global finance.