Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/261105 
Year of Publication: 
2020
Series/Report no.: 
CASE Reports No. 502
Publisher: 
Center for Social and Economic Research (CASE), Warsaw
Abstract: 
The euro is the second most important global currency after the US dollar. However, its international role has not increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial market for US dollar-denominated assets is larger and deeper; network externalities and inertia also play a role. Increasing the attractiveness of the euro outside the euro area requires, among others, a proactive role for the European Central Bank and completing the Banking Union and Capital Market Union.
Subjects: 
global currency
dominant currency
euro
US dollar
international monetary system
European Union
euro area
network externalities
power of incumbency
JEL: 
E42
E58
F33
ISBN: 
978-83-7178-701-0
Document Type: 
Research Report

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