The European Central Bank’s Executive Board member Piero Cipollone urged Europe to take deliberate steps to enhance the euro’s international role in a 2 June 2026 blog post. He noted that while the euro’s global use has grown, it has largely been accidental rather than the result of coordinated policy. The euro now accounts for about 20 % of global reserves and saw nearly €1 trillion of euro‑denominated debt issued last year, the highest level since the currency’s launch. The ECB has begun expanding its EUREP repo facility, will issue tokenised central bank money in September, and is preparing a digital euro for daily payments while working to interlink its fast‑payment system with others. Cipollone added that strengthening the euro’s role will require action by EU legislators to support a deeper single market and trade‑finance initiatives.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
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