Defensive Euro: The Currency That Finances EU Security

In a context of global stress, the dollar is strengthening as a safe-haven asset, while the euro remains high not through performance, but through constraint. For those who follow the exchange rate, the stakes are no longer strictly the leu-euro parity, but the role that the European currency plays in a new architecture of security and strategic autonomy. The euro no longer reflects only the productivity of the European economy, but the cost of maintaining this architecture.

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