In an interview with the Financial Times, European Central Bank board member Benoît Cœuré warned that the price of sovereign bonds and stubbornly low inflation are bleak signals for the global economy.

More worryingly, he said, “global cooperation is eroding {and} the capacity of global policymakers to deal with shocks to the global economy is today less than it was previously.”

Cœuré is one of the possible candidates to succeed Mario Draghi at the helm of the European Central Bank in October. During his interview, he noted that inflation remains subdued and admitted that the monetary union as a construct appears much more fragile than originally thought.

Cœuré did not exclude negative interest rates if the current bleak picture persists, reiterating Draghi’s commitment to do “whatever it takes” to save the euro.

The concerns expressed by Cœuré echo the views of the Bank’s vice president, Luis de Guindos, who told Italian daily Corriere della Sera that a further monetary stimulus is needed to change long-term inflation expectations.

Cœuré argues that the Presidency of the Central Bank is becoming a more politically tumultuous role as there is less trust in experts while the political leadership is often more keen to point the finger to central banks when macroeconomic indicators are not positive.

Besides the Governor of the Bank of France, François Villeroy de Galhau, the other candidates to succeed Draghi are Germany’s Bundesbank President Jens Weidmann, his Dutch counterpart Klaas Knot, the Finnish central bank chief Olli Rehn, and his predecessor Erkki Liikanen.

Weidmann is considered the fiercest critic of monetary stimulus measures who often challenges the consensus of expansionist monetary policy that has gradually taken hold since the 2008 global financial crisis. The German market, however, has a mostly pessimist view regarding the ECB’s board. Although the German economy grew by 0.4% from January to March, propelled mostly by domestic consumption, the central bank projects that it could contract in the spring, in a country where one in five jobs depend on exports.

As the Eurozone suffers from global trade disputes, calls for the promotion of the euro as an international currency that can compete with the dollar are also growing. In line with the European Commission, several members of the ECB board, including Cœuré, have been making the case for an international currency that would lower the cost of borrowing and allow Europe greater scope for an independent economic policy.