Hurdles remain for euro as international reserve currency
Dollar’s incumbency, institutional deficiencies and rise of renminbi hamper progress of single currency
The European Union aims to increase the euro’s role as an international reserve currency, but the dollar’s resilience, the incomplete monetary and banking union, and the rise of China pose major challenges.
In his latest state of the union speech, the president of the European Commission, Jean Claude Juncker, lamented the ongoing secondary role being played by the euro in international financing and demanded change.
“It is absurd that European companies buy European planes in dollars instead
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