The euro stemmed a decade-long slide in its international usage to see a pickup last year as geopolitical tensions damped demand for the dollar, according to the European Central Bank.
The single currency accounted for almost 21 per cent of global foreign exchange reserves in 2018, up more than a percentage point from previously, the ECB said in its annual report on the International Role of the Euro. While the dollar accounted for almost 62 per cent, that’s the lowest since the start o ..
“Financial turbulence in some emerging market economies, growing concerns about the impact of international trade tensions and challenges to multilateralism, including the imposition of unilateral sanctions, seem to have lent support to the euro’s global standing.” –– ECB’s International Role of the Euro report.
The dominance of the dollar has been highlighted by the policies of President Donald Trump, as trade tensions increase and issues such as sanctions on Iran limit the European Un ..
European Commission President Jean-Claude Juncker last year said it is “absurd” that the EU pays 80 per cent of its energy bill in the US currency even though only a fraction of those imports come from the nation.
0 Comments