Global role of the euro

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

Parliament's resolution on the global role of the euro sets out how the EU should strengthen the euro's international use. It calls for deeper capital markets, a common European safe asset, wider euro use in trade and payments, and a digital euro.¶¶¶ It asks the Commission and the ECB to present a joint euro internationalisation strategy by the end of 2026.¶ It warns that reliance on third-country payment systems, US dollar funding and dollar-denominated stablecoins exposes the EU to extraterritorial pressure and financial stability risks.¶¶¶

Key points

Notes the transformation of the international monetary and financial system and calls for the EU to reduce strategic dependencies and strengthen its capacity for autonomous action.¶
Says the euro area acts as a 'passive safe haven' that absorbs external shocks without gaining full benefits, and should build monetary, economic and geopolitical influence.¶
States that strengthening the euro should build on existing public payment infrastructure such as T2, TARGET2-Securities and TIPS, and on the Single Euro Payments Area covering 41 countries.¶
Warns that reliance on foreign financial market infrastructures, US dollar wholesale funding and US dollar swap lines exposes the euro area to extraterritorial leverage and sanctions.¶¶¶
Finds that a stronger international euro would insulate the economy from exchange rate swings, secure better financing conditions and increase macroeconomic autonomy.¶¶
Agrees with the ECB President that the euro must move from being an 'in between' to a full international currency, and says this requires a coherent public strategy, not market forces alone.¶¶
Calls for completion of the savings and investments union and deeper capital markets, and for a deep and liquid common European safe asset with issuance at sufficient scale, EU-level management and no mutualisation of national debt.¶¶¶
Stresses that sound fiscal and structural policies underpin the euro, and encourages EU supranational bonds in major sovereign bond indices and integration of the European Stability Mechanism into the EU framework.¶¶
Calls on the Commission to link EU investment programmes with euro invoicing, promote the euro in trade agreements and public procurement, and explore incentives for euro pricing of clean technology exports.¶¶
Supports a sovereign European public digital payments and settlement infrastructure with a wholesale central bank digital currency at its core, and reaffirms support for the digital euro's rollout.¶¶
Calls for expanded bilateral swap lines and Eurosystem liquidity backstops, welcomes the enhanced EUREP facility, and asks the ECB to explain swap line eligibility criteria in its annual report to Parliament.¶
Warns that third-country-backed stablecoins reinforce other currencies' 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 costs from wider euro use in trade.¶
Euro area banks, which rely on US dollar wholesale funding and could face stress from its geo-economic 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 % of global official foreign exchange reserves held in US dollars at the end of 2024.¶
Approximately 20 % of global foreign exchange reserves accounted for by the euro.¶
Gold at 20 % of total official reserves at market prices, overtaking the euro's 16 % at the end of 2024.¶
More than 40 % of global export invoicing accounted for by the euro when euro area trade is included.¶
Around 60 % of export invoicing for the US dollar versus around 25 % for the euro in 2023, excluding euro area countries.¶
European safe assets and AA-rated euro area sovereign bonds at around 33 % of outstanding US treasuries in the third quarter of 2025.¶
Single Euro Payments Area currently covering 41 countries.¶
Deadline of the end of 2026 for a joint euro internationalisation strategy.¶

Written by a language model from the full text only; every figure comes from the text and ¶ links to the paragraph it rests on. Check the text itself before relying on it.