PARIS (Dow Jones)--The euro and the dollar are in an intense phase of competition for global dominance and the euro could win if there is greater integration of economies in the currency block, the chief executive of French reinsurer Scor SE (SCR.FR) said. The arrival of the euro has brought into question the right to dominance of the dollar since 1945, Denis Kessler said at a conference organized by Paris-based think-tank Institut Montaigne. "We have moved into a bipolar world with two currencies in competition. We are in a very tense point in this competition for the right to dominance," he said, noting the value of the dollar has weakened throughout the world "In Europe if we manage to get economic government and federal budget the euro could be the big currency of the 21st century," Kessler said. "That's why I support an accelerated federalization of euro zone," he added. Speaking on the same platform, the head of French market regulator the AMF Jean-Pierre Jouyet said the euro has been an undeniable success. But without application of recent agreements on a second bailout package for Greece and changes to the bloc's bailout facility, the euro zone will be in a very bad place, he said. -By William Horobin, Dow Jones Newswires; +33 1 4017 1737; william.horobin@dowjones.com

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