ECB said Euro remains “unchallenged as second most used currency globally”, after US Dollar. Role of Euro remained “stable” as global reserve currency”. The international role declined after the global financial crisis but has now “bottomed out”. At the end of 2019, Euro accounted for 20.5% of global FX reserves, up from 20.3% a year earlier. Share in outstanding international debt securities, dropped -0.3% to 22.1%.
President Christine Lagarde also noted, “the recent COVID-19 pandemic underlines the urgency of these policies and reform efforts, which are paramount to raising the attractiveness of the euro globally”. Executive Board member Fabio Panetta said, “the swift implementation of an EU taxonomy of sustainable economic activities would provide a credible and standardised framework, ensure greater investor confidence and could thereby also contribute to strengthening the international role of the euro”.
