21 June 2023

• Euro remains second most widely used currency, amid geopolitical risks and high inflation
• Euro’s share at around 20% across various indicators of international currency use
• Euro’s global appeal linked to stronger Economic and Monetary Union

The international role of the euro was resilient in 2022, with its share across various indicators of international currency use averaging close to 20%. This was one 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 the onset of Russia’s war in Ukraine and heightened geopolitical risks, in a context of rising inflationary pressures. Against that backdrop, the euro remained the second most important currency globally.