In a latest report published by the European Central Bank (ECB), titled “International use of the Euro increases”, the central bank revealed that the Euro’s share in global foreign exchange reserves rose by 1.2 percentage points in 2018.
- Role of euro also strengthened in debt issuance and remained stable as invoicing currency
- Policies for deeper economic and monetary union are key to supporting a further rise in international role of the euro
Mario Draghi, the ECB’s President, said: “The Eurosystem supports these policies and emphasises the need for further efforts to complete EMU.”
Benoît Cœuré, member of the ECB’s Executive Board quoted: “Sound economic policies and a deeper and more complete EMU can be expected to ultimately boost the global role of the euro and also help facilitate the smooth transmission of monetary policy across euro area financial markets. In particular, because capital markets in Europe are still fragmented along national lines, there is a need to further strengthen the ability of the financial sector to contribute to economic stabilisation and resilience in the euro area.”
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