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Increasing the International Role of the Euro: A Long Way to Go

Author

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  • Marek Dabrowski

Abstract

The euro is the second most important global currency after the US dollar. However, its inter-national role has not increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial market for US dollar-denominated assets is larger and deeper; network externalities and inertia also play a role. Increasing the attractive-ness of the euro outside the euro area requires, among others, a proactive role for the European Central Bank and completing the Banking Union and Capital Market Union.

Suggested Citation

  • Marek Dabrowski, 2020. "Increasing the International Role of the Euro: A Long Way to Go," CASE Reports 0502, CASE-Center for Social and Economic Research.
    • Handle: RePEc:sec:report:0502
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    File URL: https://www.case-research.eu/files/?id_plik=6490
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    More about this item

    Keywords

    global currency; dominant currency; euro; US dollar; international monetary system; European Union; euro area; network externalities; power of incumbency;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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