The Euro on the global stage

Abstract

The war in Ukraine draws renewed attention to the question of whether the international monetary and financial system is moving towards a more ‘multipolar’ character. The euro has been the second most important global currency since its creation, and well-placed to help diversify the global financial architecture. This article reviews the evolution of the euro’s international role along with the evolution of the institutional architecture to support it. Previous and ongoing reforms in the European Economic and Monetary Union (EMU) can support the common currency on the international stage.