12 June 2024

• Euro’s share across various indicators of international currency use remained above 19%
• Vigilance needed against any cracks that may appear in the international monetary system
• Deeper European economic and financial integration, together with enhancements in cross-border payment systems between the euro and other currencies pivotal to the international role of the euro

The international role of the euro remained broadly stable in 2023. The share of the euro across various indicators of international currency use remained above 19%, close to the average since its introduction in 1999. The euro also remained the second most important currency globally. These were some of the main findings in the annual review of the international role of the euro, published today by the European Central Bank (ECB).

Last year was marked by still elevated global inflationary pressures and tight monetary policy among major central banks. Geopolitical tensions continued to raise the risk of a…