The international role of the euro. Interim report, June 2016

This 15th annual review of the international role of the euro published by the ECB is an interim version that presents a concise overview of developments in the use of the euro by non-euro area residents.

The period covered by this report is 2015 and early 2016. The developments seen in the international role of the euro during this period took place in an environment of heightened uncertainty around global economic prospects and changing market expectations as to the path of monetary policy across major economies. The euro remained the second most important currency (of those included in the revised SDR basket) in the international monetary system, but with a significant gap to the US dollar. A number of the indicators tracked in this report showed the share of the euro to have declined slightly, however, over the review period. This was particularly the case for foreign exchange reserve holdings and issuance of foreign currency denominated debt and cross-border loans. The international role of the euro is primarily determined by market forces, and the Eurosystem neither hinders nor promotes the international use of the euro.

At the same time, the ECB will continue to monitor developments and publish information on the international role of the euro on a regular basis.

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