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The euro in the world

Discussion Papers
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Download PDF: Discussion Paper 16

AuthorsGergely HudeczEdmund MoshammerAlexander Raabe, and Gong Cheng

The question of whether the international monetary and financial system is, or should be, moving toward a more ’multipolar’ character has received much attention in recent years. The euro is the second most important global currency, and the euro area’s economic weight lays a solid foundation for its greater role on financial markets. A stronger international role would benefit not only the euro area but also the global financial system. This paper therefore focuses on the main drivers of the euro’s international role and the policies to support it. The ongoing reforms in the European Economic and Monetary Union can support the common currency on the international scene, and there is scope for further policies that strengthen the role of the euro on international capital markets.

Disclaimer: The views expressed in this discussion paper are those of the authors and do not necessarily represent those of the ESM or ESM policy. No responsibility or liability is accepted by the ESM in relation to the accuracy or completeness of the information, including any data sets, presented in this paper.

Source: European Stability Mechanism | Discussion Paper Series | Volume 2021 no. 16 | March 2021 | 40 Pages

Copyright © European Stability Mechanism, 2021| All rights reserved. Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the European Stability Mechanism.