Europe needs to act to strengthen the role of its currency in World Economy News 04/06/2026 The international monetary system is becoming more contested. Major economies that once trusted the system to work on its own are now actively shaping the use of their currencies. Europe has so far been an exception. The global role of our currency has gradually gained ground in recent years, but largely by circumstance rather than by choice. This is no longer enough. In a changing global environment, the euro should serve a clearer purpose for Europe, and Europe should be willing to act to make this happen. The starting point is favourable. Since the mid-2010s the composite measure of the euro’s international role has risen by around 1.5 percentage points. The euro’s share in global reserves is around 20%, much as it has been for two decades. But international debt issued in our currency reached close to €1 trillion last year, the highest annual level since the single currency was introduced. During several episodes in 2025, when investors looked for safety they bought euros and euro-denominated assets at the same time as they sold US dollars and Treasuries. This progress rests on two foundations. The first is structural. Europe is the most open major economy in the world, with exports of close to €4 trillion last year. Our resolve to uphold the rule of law even under unprecedented pressure, the independence of our central bank, our robust fiscal framework and the openness of our single market are structural qualities no longer universally on offer. The second is that in the areas where Europe has acted with intent, results have followed. A consistent European framework on green and sustainable finance led to market leadership: the euro has overtaken the dollar to become the leading currency in the global green bond market for the first time. And instant payments are taking off at an exponential speed, underpinned by EU legislation and the pan-European fast payment system op