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Strengthening the international role of the Euro: how?

Day 3 Morning

Friday 13 September

Room :

Fennia II - Roundtable

Speakers

Chair
Erkki Liikanen - Chair, IFRS Foundation
Public Authorities
Vitas Vasiliauskas - Chairman of the Board, Bank of Lithuania
François Villeroy de Galhau - Governor, Banque de France
Industry Representatives
Natasha de Terán - Global Head of Corporate Affairs, SWIFT
Gilles Moëc - Chief Economist, AXA Group
Björn Wahlroos - Chairman of the Board, Sampo plc
Other stakeholder & expert
Vítor Constâncio - Former Vice President, ECB & Professor, University of Navarra Masters School, Madrid

Objectives of the session

The euro is 20 years young and is now the second most used currency in the world with 60 countries linking their currencies to the euro in a way or another. The Euro is one of the major currencies used in terms of international transactions (40% as for the $). The Euro is, however, supplanted by the dollar as regards its function as a reserve currency. According to BIS statistics, the Euro represents 20% of world reserves and the US dollar 65%.

The EU Commission launched an initiative to strengthen the international role of the euro and issued a Communication to this effect on 5 December 2018. The ECB publishes an annual review on the international role of the euro.

This session will focus on the expected benefits of an increased international use of this development and assess the main obstacles to its development. Speakers will be invited to express their views on the key priorities to develop the global role of the euro.

Points of discussion

What would be the expected benefits of an increased international use of the euro and what are the main obstacles to its development?

How to further develop the global role of the euro?