Sittings · Document
Global role of the euro
Committee on Economic and Monetary Affairs
Amendment 197
Ľudovít Ódor, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Recital A (new)
| Motion for a resolution | Amendment |
| – whereas the stability and credibility of the European economic and institutional framework, based on the soundness of the European economic policies, its competitiveness and institutional predictability, overarchingly influence the global role of the euro; |
Or. en
Amendment 198
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Recital B (new)
| Motion for a resolution | Amendment |
| – whereas the euro is firmly established as the world’s second most used currency; whereas it accounts for approximately 20 % of global foreign exchange reserves; and whereas 40 % of global trade is currently invoiced in euros1a; | |
| __________________ | |
| 1a The international role of the euro, June 2025 – ECB |
Or. en
Amendment 199
Michalis Hadjipantela
Motion for a resolution
Recital C (new)
| Motion for a resolution | Amendment |
| – whereas in its 26 years of existence, the euro has become a symbol of Europe’s economic strength and of its position in the world; |
Or. en
Amendment 200
Rasmus Andresen
Motion for a resolution
Recital D (new)
| Motion for a resolution | Amendment |
| – whereas the international monetary system remains centred on the US dollar, which represented 57.8 % of global official foreign exchange reserves at the end of 2024, while the euro remained the second most important reserve currency with 20.1 %; whereas gold has reached 20 % of total official reserves at market prices and thereby overtaking the euro, whose share stood at 16 %;1a | |
| __________________ | |
| 1a IMF COFER, World Aggregates, Q4 2024; ECB, The international role of the euro, June 2025 |
Or. en
Amendment 201
Ľudovít Ódor, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Recital E (new)
| Motion for a resolution | Amendment |
| – whereas the deep, liquid euro-denominated financial markets, and the progress towards efficient Savings and Investments Union, the completion of the Banking Union and the fulfilment of the One Europe, One Market roadmap, should play a fundamental role in strengthening the global role of the euro; |
Or. en
Amendment 202
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Recital F (new)
| Motion for a resolution | Amendment |
| – whereas the share of the US dollar in global foreign exchange reserves has declined by 10 percentage points since 2014, while the share of the euro has remained stable and "other currencies" have gained more than 10 points during the same period2a; | |
| __________________ | |
| 2a The international role of the euro, June 2025 – ECB |
Or. en
Amendment 203
Michalis Hadjipantela
Motion for a resolution
Recital G (new)
| Motion for a resolution | Amendment |
| – whereas despite the euro area’s economic size and influence in global trade, the use of the euro lags behind the US dollar by a wide margin, yet it is still ahead of all other competing currencies; |
Or. en
Amendment 204
Michalis Hadjipantela
Motion for a resolution
Recital H (new)
| Motion for a resolution | Amendment |
| – whereas current geopolitical tensions and international trade challenges – including the disruption of value chains, technological developments, digital transformation, the rise of China’s economic power and the challenges posed by the US to multilateralism – lead to a multipolar world economy, thus paving the way for a potential shift towards a multicurrency reserve system where the euro will offer additional currency choices for market participants globally and allow for reduced global financial risks; |
Or. en
Amendment 205
Rasmus Andresen
Motion for a resolution
Recital I (new)
| Motion for a resolution | Amendment |
| – whereas, notwithstanding the continued structural demand for U.S. treasuries, several recent episodes of geopolitical and trade-related stress have shown that treasury yields may rise rather than fall, thereby calling into question their automatic safe-haven function; whereas this shifting environment creates a window of opportunity for the euro; |
Or. en
Amendment 206
Michalis Hadjipantela
Motion for a resolution
Recital J (new)
| Motion for a resolution | Amendment |
| – whereas the EU should protect the integrity of its financial infrastructures and the independence of its market operators against foreign policy unilateralism and potential extraterritorial sanctions by third country jurisdictions, and ensure at the same time the effective enforcement of EU sanctions policy; |
Or. en
Amendment 207
Rasmus Andresen
Motion for a resolution
Recital K (new)
| Motion for a resolution | Amendment |
| – whereas the euro accounts for more than 40 % of global export invoicing when trade within the euro area is included; whereas, once euro-area countries are excluded, the US dollar accounts for around 60% of export invoicing compared with around 25 % for the euro in 2023;1b | |
| __________________ | |
| 1b ECB, The international role of the euro, June 2025, Special Feature B, “Global trade invoicing patterns: new insights and the influence of geopolitics”, p. 51, Chart B.1 and footnote 88. |
Or. en
Amendment 208
Michalis Hadjipantela
Motion for a resolution
Recital L (new)
| Motion for a resolution | Amendment |
| – whereas while the decision to use a currency is ultimately determined by market participant preference, confidence in the stability of currency is a crucial component that influences their choices and an important criterion for central banks and governments in determining the composition of their international reserves; |
Or. en
Amendment 209
Rasmus Andresen
Motion for a resolution
Recital M (new)
| Motion for a resolution | Amendment |
| – whereas, despite recent growth in supranational issuance, the stock of European safe assets remains structurally limited, amounting, when combined with euro-area sovereign bonds rated at least AA, to only around 33 % of the outstanding stock of US Treasuries in the third quarter of 2025;1c | |
| __________________ | |
| 1c François Villeroy de Galhau, The international role of the euro and the development of European safe assets, speech at the European Stability Mechanism, Luxembourg, 2 October 2025. |
Or. en
Amendment 210
Michalis Hadjipantela
Motion for a resolution
Recital N (new)
| Motion for a resolution | Amendment |
| – whereas the wider use of an international currency bears privileges and gains, it also implies global responsibilities, dependencies and costs; |
Or. en
Amendment 211
Michalis Hadjipantela
Motion for a resolution
Recital O (new)
| Motion for a resolution | Amendment |
| – whereas market-driven shifts towards strengthening the international role of the euro require targeted facilitating policies that are aligned with this objective and that are part of a comprehensive road map; |
Or. en
Amendment 212
Michalis Hadjipantela
Motion for a resolution
Recital P (new)
| Motion for a resolution | Amendment |
| – whereas the long-term international role of the euro will largely depend on the eurozone's attractiveness as a location to do business and the soundness of the Member States' fiscal policies; |
Or. en