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The International Role of the Euro

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The International Role of the Euro

ECB,

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Learn how the euro has fared in the wake of the European debt crisis.

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Editorial Rating

7

Qualities

  • Comprehensive
  • Analytical
  • Innovative

Recommendation

What is the euro’s fate? Will the Canadian or Australian dollars, or even the Chinese renminbi, replace the euro and the US dollar as the world’s leading currencies? Most likely not, according to this annual state-of-the-euro report issued by the European Central Bank (ECB). Using statistics from the Bank of International Settlements, the International Monetary Fund and elsewhere, the ECB analyzed global currency flows in 2012. It found that little has changed in recent years and that the global market share of specific currencies has remained largely stable, though some are beginning to show merit as internationally viable currencies. This chart-packed analysis proves a relatively clear, easy read. The only thing missing, perhaps, is a critical examination of alternative views from non-ECB economists. Nonetheless, getAbstract recommends this data-rich report to corporate leaders, economists and government officials dealing with currency-related issues.

Summary

Exchange Rates

In 2012, the euro performed, for the most part, as expected. It remained the world’s “second-most important reserve currency” – behind the US dollar – thanks to several factors, including the markets’ favorable reception of the European Central Bank’s (ECB) push for a unified financial supervisory system, Greece’s “debt buy-back” plan and Spain’s banking system reforms.

The euro’s overall share in the global reserves of the world’s financial system declined about 1% in 2012. From April to July of that year, its “nominal effective exchange rate” fell 5% against 20 primary trading partners – “the NEER-20” – but rebounded 6% from August to February 2013, when market fears did not materialize. Weighted against specific trading partners, the euro rose in 2012 more than 13% against the Japanese yen, 2% against the US dollar and less than 1% against the Chinese renminbi (RMB). It dropped about 2% against the British pound and an average of about 4% against the currencies of other EU member states that are not part of the euro zone. However, from January through May 2013, the euro depreciated by 1.4% against the US dollar. It appreciated 15% against the yen...

About the Author

The European Central Bank runs the monetary policy of the 17 member nations that constitute the euro zone, one of the world’s largest single-currency regions.

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