The global role of the euro and the EU's economic security/ February 16, Eurozone ministers meet on debt
Eurozone finance ministers will discuss on February 16 how to boost the global role of the European currency and strengthen Europe's economic security, the European Commission said. The move comes at a time when the global economy has been hit by trade tensions, doubts about the dollar as a safe haven and rapid innovation in payment technologies.
The euro, now used by 21 of the 27 member countries, is the world's second-largest reserve currency after the US dollar, accounting for about 20% of global foreign exchange reserves, compared to the dollar's larger 60%.
Promoting the currency would also protect the European economy from external pressure and reduce financing costs and exposure to currency risks for businesses. The Commission said EU governments should consider issuing digital assets in euros and address the risks associated with stablecoins backed by foreign currencies.
The digital currency market, dominated by the US dollar, risks capital flowing from Europe to the US, boosting demand for US and non-European assets, EU officials said. “Governments should also encourage countries outside the eurozone to invest in the euro,” they added.
Germany and some other northern European countries are skeptical about the initiative. About 1 trillion euros of common EU debt is outstanding, compared with about 27 trillion dollars in US debt, making investment much less attractive to big business. According to experts, EU governments need to harmonize free trade and the legal system to strengthen the economy and investment on the continent.
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