Summary of The Euro as an International Currency

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The Euro as an International Currency summary
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The US dollar has been the top international currency since the 1940s. The euro, just two decades old in 2019, places second in the global hierarchy. Strengthening that position would afford euro-zone member countries greater autonomy from US economic policy that does not always serve their best interests. This thorough yet accessible technical report from monetary experts Francesco Papadia and Konstantinos Efstathiou offers analysts and executives a useful primer on how to bolster the euro’s standing.

About the Authors

Francesco Papadia and Konstantinos Efstathiou are research fellows at Bruegel.



The dominance of a nation’s currency on the international stage derives from several factors, including the size of the country’s GDP; the stability of its financial markets; and its power, both politically and militarily.The US dollar has held the number-one position as the world’s most universally accepted scrip continuously since World War II. Liquidity premiums and the ability “to provide insurance to the rest of the world, especially in times of global stress” contribute to the dollar’s high demand in reserves, debt securities, cross-border loans and deposits...

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