In 2011, particularly during the second half of the year, the euro area’s financial system was strongly affected by the intensification of the sovereign debt crisis. However, a recent ECB report¹ shows that the international role of the euro remained relatively resilient, as mirrored in the euro’s relatively stable exchange rates against the other major currencies until the end of 2011. The report reviews developments in the international role of the euro in 2011, tracking a comprehensive set of indicators covering a number of different market segments. It focuses on the euro’s relevance in financial markets, such as the use of the euro in foreign exchange reserves or in debt securities markets.
 
After a short presentation of this report, ECB co-authors will discuss the latest findings of this 2012 edition. It will open the floor to a debate about the implications of the current euro area crisis on the international role of the European money and for the future of the international monetary system.
 
 
This session will be chaired by Urszula Szczerbowicz, Economist, CEPII.

 

Contact (CEPII):
Sophie Piton - sophie.piton@cepii.fr

 

 

^[1] ECB [2012] The International Role of the Euro, by R. Beck, M.M. Habib and M. Fratzscher. The report is available at : http://www.ecb.europa.eu/pub/pdf/other/euro-international-role201207en.pdf