(05 December 2018) – In light of the upcoming European Council and Euro Summit in December, the Commission presents actions to strengthen the role of the euro in a changing world.
The euro needs to develop its global role and fully reflect the euro area’s political, economic and financial weight. To this end, the Commission in a Communication today outlines the benefits of such a strengthened international role of the euro for the EU and the international financial system, and proposes initiatives to boost the role of the single currency.
As part of this effort, the Commission has adopted a Recommendation on the international role of the euro in the field of energy, promoting a wider use of the euro in this strategic sector.
The euro is today the second most important international currency. Around 60 countries in the world use, will use or link their currency to the euro. About 36% of the value of international transactions was invoiced or settled in euros in 2017. The euro represents around 20% of international reserves of foreign central banks. This is more than the share of the euro area in the worldwide gross domestic product.