Europe should focus on defence investment because it will reduce costs, speed up the process and create a new safe financial asset that will strengthen the euro's international standing, according to ECB Governing Council member Rehn. European Central Bank President Christine Lagarde has said that the unstable economic policies of the United States have created space for the euro to seize market share from the dollar on the global stage, but this requires the euro area to restart a long-stalled process to complete its financial architecture. Joint defence borrowing could boost the prospects of Europe and the euro in two ways: it would create a large, liquid safe asset, which is necessary for the smooth functioning of the financial sector; and it would also enhance the defence capabilities, which any group issuing a major reserve currency must have.