Euro liquidity lines and the international monetary system
Remarks by Philip R Lane, Member of the Executive Board of the European Central Bank, at the CF40-Euro50 luncheon “Monetary system beyond the dollar”, Shanghai, 21 October 2026.
Source: BIS Central Bank Speeches
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DW NOTE
The ECB is building liquidity swap lines because the dollar system is fragmenting and euro-denominated trade settlement is rising. Lane calls this "complementing the domestic framework." It's actually insurance against a world where correspondent banking through New York becomes a political weapon rather than a clearing mechanism.