From the European Central Bank on the global use of the euro, in summary:
- Euro’s share across various indicators of international currency use largely unchanged at around 19%
- Emerging challenges include initiatives promoting global use of cryptocurrencies
- Upholding rule of law essential for maintaining, and potentially increasing, global trust in the euro
And (bolding is mine)
- international role of the euro remained broadly stable in 2024
- euro held on to its position as the second most important currency globally
- global appeal of the euro is underpinned by sound policies in the euro area and strong, rules-based institutions. “Upholding the rule of law remains essential for maintaining, and potentially increasing, global trust in the euro,” said President Christine Lagarde.
- Central banks continued to accumulate gold at a record pace
- some countries have been actively exploring alternatives to traditional cross-border payment systems
- there is evidence of a link between geopolitical alignments and shifts in invoicing currency patterns in global trade, particularly since Russia’s invasion of Ukraine
This article was written by Eamonn Sheridan at www.forexlive.com.
