Euro could become the dollar's alternative, Lagarde says

ECB president Christine Lagarde said ongoing geopolitical changes create the opening for a 'global euro moment'

The dollar's role has been on the decline for years and now makes up 58% of international reserves, the lowest in decades, but still well above the euro's 20% share.

The euro could become a viable alternative to the dollar, earning the 20-nation bloc immense benefits, if governments could only strengthen the bloc's financial and security architecture, ECB president Christine Lagarde said on Monday.

Unnerved by erratic US economic policy, global investors have been reducing their exposure to dollar assets in recent months, but many have opted for gold instead, not seeing a direct alternative.