Speakers of the session
Erkki LiikanenInternational Financial Reporting Standards (IFRS) Foundation, Chair
Vitas VasiliauskasBank of Lithuania, Chairman of the Board
François Villeroy de GalhauBanque de France, Governor
Natasha de TeránSWIFT, Global Head of Corporate Affairs
Gilles MoëcAXA Group, Chief Economist
Björn WahlroosSampo plc, Chairman of the Board
Vítor ConstâncioUniversity of Navarra Masters School, Madrid, Former Vice President of the ECB & Professor
Objectives of the sessionThe euro is 20 years young and is now the second most used currency in the world with 60 countries linking their currencies to the euro in a way or another. The Euro is one of the major currencies used in terms of international transactions (40% as for the $). The Euro is, however, supplanted by the dollar as regards its function as a reserve currency. According to BIS statistics, the Euro represents 20% of world reserves and the US dollar 65%.
The EU Commission launched an initiative to strengthen the international role of the euro and issued a Communication to this effect on 5 December 2018. The ECB publishes an annual review on the international role of the euro.
This session will focus on the expected benefits of an increased international use of this development and assess the main obstacles to its development. Speakers will be invited to express their views on the key priorities to develop the global role of the euro.
Points of discussionWhat would be the expected benefits of an increased international use of the euro and what are the main obstacles to its development?
How to further develop the global role of the euro?