A new study by the European Central Bank found that “global use of the euro has remained stable over the past year, with the European currency maintaining its position as the second most widely used currency in the world after the US dollar.”
Use of the euro outside the eurozone, which includes 19 European countries, has stabilized over the past five years, with the currency accounting for nearly a fifth of the global market, after use of the euro outside the region declined sharply in the aftermath of the global financial crisis. 2008.
The study showed that during 2021, the euro’s share in international bond issuance increased by about 3% to 24.6%, while its share in global foreign exchange reserves increased by 0.5% to 20.6%.
On the other hand, the share of the euro in payment settlements in the foreign exchange market fell due to a decrease in the consignment note exported from the euro area.
Source: El Iktisad
