Sittings · Document

REPORT (2025/2249(INI)) 2026-07-31

On the global role of the euro

Committee on Economic and Monetary Affairs · Rapporteur: Rasmus Andresen

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✦ In short · AI summary of this text, generated 18 Sept 2026

Parliament's resolution on the global role of the euro finds the international monetary system is shifting and calls on the EU to reduce strategic dependencies and strengthen the euro's international role. It asks for deeper EU capital markets, a large common EU safe asset, wider euro use in trade and payments, and a sovereign digital payments infrastructure with a wholesale central bank digital currency at its core. It warns about reliance on foreign payment systems, US dollar funding and dollar-backed stablecoins, and asks the Commission and ECB to present a joint euro internationalisation strategy by the end of 2026.

Committee position. The Committee on Economic and Monetary Affairs proposes that Parliament adopt the resolution, calling for a coherent EU strategy to strengthen the euro's international role, a common EU safe asset, deeper capital markets, wider euro use in trade and payments, and a joint Commission-ECB strategy by the end of 2026.

Key points

  1. Notes the transformation of the international monetary system and calls on the EU to reduce strategic dependencies and support a stronger euro within a more multipolar system.
  2. Warns that the euro acts as a 'passive safe haven' absorbing external shocks, and says the EU should also build monetary, economic and geopolitical influence.
  3. Stresses that a euro relying on third-country payment rails and US dollar wholesale funding is exposed to extraterritorial leverage and sanctions, affecting EU citizens and firms.
  4. Says a stronger international euro would reduce exchange rate risk, secure better financing conditions and increase EU macroeconomic autonomy.
  5. Calls for a coherent public strategy, noting the US and China pursue such strategies, and is concerned the EU cannot speak with a unified voice internationally.
  6. Calls for completion of the savings and investments union and deeper integrated capital markets, and for channelling European savings into EU investment.
  7. Calls for a deep and liquid common European safe asset, issued at sufficient scale to finance European public goods, without mutualising national debt.
  8. Stresses sound fiscal policies and credible fiscal rules, and encourages EU supranational bonds in sovereign bond indices and integrating the European Stability Mechanism into the EU framework.
  9. Calls on the Commission to link EU investment programmes with euro invoicing, promote euro use in trade agreements and public procurement, and explore incentives for euro pricing of clean technology exports.
  10. Supports a sovereign European public digital payments and settlement infrastructure with a wholesale central bank digital currency at its core, and faster implementation of the Pontes and Appia initiatives.
  11. Calls for expanded swap lines and liquidity backstops, and asks the ECB to explain swap line eligibility criteria in its annual report to Parliament.
  12. Warns that dollar-denominated stablecoins reinforce dollar dominance and create financial stability risks, and calls on the Commission and ECB to present a joint euro internationalisation strategy by the end of 2026.

Who is affected

  • EU citizens and firms, exposed to extraterritorial sanctions and blocked from basic banking services in some cases.
  • European small and medium-sized enterprises, which would face lower exchange rate risk and currency-related costs from wider euro use in trade.
  • Euro area banks, which rely on US dollar wholesale funding and could face stress from swap line use.
  • The Commission and the ECB, asked to present a joint euro internationalisation strategy by the end of 2026.
  • The ECB, asked to address swap line eligibility criteria in its annual report to Parliament.

Figures and deadlines

  • 57.8 %, the US dollar share of global official foreign exchange reserves at the end of 2024.
  • Approximately 20 %, the euro's share of global foreign exchange reserves.
  • 20 %, gold's share of total official reserves at market prices, overtaking the euro's 16 % at the end of 2024.
  • More than 40 %, the euro's share of global export invoicing when trade within the euro area is included.
  • Around 60 % for the US dollar and around 25 % for the euro in export invoicing in 2023, excluding euro area countries.
  • Around 33 %, the stock of European safe assets combined with euro area sovereign bonds rated at least AA, relative to US treasuries in the third quarter of 2025.
  • 41 countries, currently covered by the Single Euro Payments Area.
  • By the end of 2026, deadline for the Commission and ECB to present a joint euro internationalisation strategy.

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