The purpose of the Staff Working Document is to take stock of consultations and dialogues with different stakeholders. It provides an update on initiatives to develop the international use of the euro, market feedback on the prominence of the euro in global trade, elaborates on the need for coordinated action, and raises specific sector considerations. This document also presents the summary of responses from the sectoral targeted consultations.

Staff Working Document on Strengthening the International Role of the Euro - Results of the Consultations


The euro is the currency of 19 EU countries, over 340 million EU citizens and the second most important currency in the world. The euro was launched on 1 January 1999 and is already EUROat20. Want to know more: The history of the euro and the European Central bank

Euro at 20

An increased international role for the euro is a tool to strengthen Europe’s influence in the world. It will allow the European Union to better protect its citizens and businesses, uphold its values and promote its interests in shaping global affairs according to rule-based multilateralism. It will improve the resilience of the international financial system, providing market operators across the globe with additional choice and making the international economy less vulnerable to shocks linked to the strong reliance of many sectors on a single currency. The euro should continue to facilitate and expand Europe's responsible trade agenda, allowing for European companies to trade all over the world to the benefit of Europe's economy without disruptions, while at the same time safeguarding the European social and regulatory model at home.

What does the euro mean for Europeans

Public support for the euro remains at very high levels since surveys began in 2002. A majority of citizens continue to support economic reforms and using rounding to do away with one- and two-cent coins. In the autumn of 2018 the percentage who sees the euro as good for the EU is at record high – 74% of respondents across the euro area said that they thought the euro was good for the EU. By contrast, only 15 % of respondents said that the euro was bad for their country, a decrease of one percentage point.

EURO good bad

More about the latest data from 2018 is available here. The regular opinion polls contain summary reports and country scorecards: Public opinion on the euro.

Deepening the Economic and Monetary Union

A stronger euro relies on a robust institutional set-up of the Economic and Monetary Union, as well as on a resilient EU banking system and liquid capital markets. Further Deepening the Economic and Monetary Union,  (completing the Banking Union and developing deep and liquid capital markets through the Capital Markets Union) are necessary to reinforce the international role of the euro.

Thus, the initiatives to enhance the international role of the euro complement actions that are planned and already being undertaken to deepen Europe’s Economic and Monetary Union.

The current international role of the euro

The euro’s success as a stable and credible currency means that it already plays an important role beyond the borders of the EU and the euro area.

  • The European Union’s share of global gross domestic product amounts to an estimated around 17%. The share of the euro area is estimated to be around 12%.

Share EU and Euro area in total World GDP

  • The euro is the second most widely used currency in terms of its share of global payments. The share of the euro in global payments amounted to around 36% in 2017. The US dollar, by comparison, accounts for about 40% of total payments.

The euro as an international payment currency

  • Sixty other countries and territories around the world, home to some 175 million people, have chosen to use the euro as their currency or to peg their own currency to it.
  • The share of the euro in global holdings of foreign exchange reserves currently stands at around 20%. The US dollar’s share, by comparison, is over 60%. No other currency exceeds 5%.

Share 3

The EU maintains its position as a leader in international trade and development and humanitarian assistance.

  • The EU is the world’s largest trading bloc and the top trading partner of 80 countries across the world. The recently agreed EU-Japan Economic Partnership Agreement is the biggest trade agreement ever negotiated by the EU.
  • The EU, together with its Member States, remains the biggest donor of development and humanitarian assistance globally. In 2017 the overall amount of Official Development Assistance was €75.7 billion. The EU contributed 57% of global Official Development.

The benefits of an enhanced international role for the euro

A wider global use of the euro can benefit the European economy.

  • Lower cost and lower risk of trading internationally for European businesses. Trading in euro rather than in a foreign currency will remove the exchange risk and other currency related costs especially for small and medium-sized European businesses.
  • Additional choice for market operators across the globe.
  • Lower interest rates paid by European households, businesses and Member States. A more attractive euro as a safe store of value reduces the interest rate (or return) demanded by investors.
  • More reliable access to finance for European businesses and governments, even in periods of external financial instability, as European financial markets could become deeper, more liquid and integrated.
  • Stronger autonomy of European consumers and businesses, allowing them to pay or receive payments for their international trade, and finance themselves with reduced exposure to legal actions taken by third country jurisdictions, like extraterritorial sanctions.
  • Improved resilience of the international financial system and economy, making them less vulnerable to exchange rate shocks.

The benefits attached to a wider use of an international currency come with increased global responsibilities, in line with central banks' respective mandates. Although the benefits of a stronger international role of the euro outweigh the possible challenges, its consequences would have to be carefully calibrated, for example in the area of balance of payments for the euro area vis-à-vis the rest of the world. 

A deep and autonomous European financial sector

European financial markets are crucial for Europe’s economy. These markets are where European businesses and citizens find financing from banks and investors.  Financial markets include simple products like a bank loan or equity capital for start-ups to sophisticated derivative products used by banks and businesses to manage their financial risks.

The Commission will implement additional measures to foster a deep European financial sector in order to build a virtuous spiral: intensify the attractiveness of the euro will increase its use, which will in turn make it even more attractive.

  • Strengthening the liquidity and resilience of European market infrastructure.
  • Ensuring a reliable framework for trustworthy interest rate benchmarks.
  • Supporting a fully integrated instant payment system in the EU.
  • Consultation about euro liquidity on foreign exchange markets.

International financial sector

In the past 20 years, the euro has become the second most important international currency. Initiatives linked to the international financial sector include:

  • supporting Central Banks collaboration to safeguard global financial stability
  • increasing the share of euro denominated debt by European bodies
  • fostering economic diplomacy to promote the use of euro in payments and as a reserve currency
  • technical support to improve access of developing countries to euro payment system

To encourage the international role of the euro, Europe needs to engage more with international actors. Supported by the EU's strong Economic and Monetary Union, there is scope for the euro to develop further its international role and achieve its full potential. Various initiatives will be launched towards the international financial sector: ongoing central banks’ collaboration to safeguard financial stability; increasing the share of euro denominated debt by European entities; fostering economic diplomacy to promote the euro and providing technical assistance to improve access to the euro payment system by foreign entities. This will require some additional measures (besides deepening the EMU, CMU and completion of a Banking Union).

Euro in key strategic sectors


The EU is the largest energy importer in the world, bringing in around 90 % of the oil and around 70% of its gas needs. The EU's annual energy import bill averaged EUR 300 billion over the last 5 years. More than 93% of the traded volumes in the domain of energy are accounted for by oil, where currently all contracts are traded in dollars.

Raw materials and aircraft

In the case of basic raw materials and food commodity markets, Europe consumes about 10% of global raw materials and is a major importer. Nevertheless, the majority of raw materials are traded on global exchanges in US dollars. This also applies to highly standardised food commodity markets, such as grains, oilseeds and sugar.

Concerning aircraft manufacturers, a recent study on invoicing currencies in the sector concludes that nearly all invoicing is done in US dollars even within the euro area, for example, more than half of Airbus’ revenues are denominated in US dollar.

Visual trade


Find out more about the different initiatives for strengthening the international role of the euro.

Role of the euro

Capital Markets Union

Banking Union


Communication “Towards a stronger international role of the euro”

Recommendation on the international role of the euro in the field of energy


1. Consultation on the role of the euro on liquidity in foreign exchange markets

The Commission has launched a targeted consultation with financial market actors to identify potential obstacles and incentives to enhance the role of the euro in the foreign exchange market.

Consultation period: 25 January - 31 March 2019

2. Consultation on the role of the euro in the field of energy

The Commission has launched a consultation inviting stakeholders to express their views on the market potential for a broader use of euro-denominated transactions in the areas of oil, refined products and gas. In particular, the consultation aims at gathering feedback on the need to set-up euro-denominated crude oil reference contracts and reinforce the refined product ones.

Consultation period: 14 February - 31 March 2019

3. Consultation on the role of the euro in non-energy non-agricultural raw materials (metals and minerals)

In the sector of non-energy non-agricultural raw materials (metals and minerals), the Commission was engaged in a broad consultation with stakeholders in order to identify ways to increase trading in euro, especially in the context of transactions at exchanges located in Europe and direct transactions between European companies.

Consultation period: 23 January - 22 March 2019

4. Consultation on the role of the euro in international trade of agriculture and food commodities

The Commission has launcehd a consultation with stakeholders to identify ways to increase trading in euro, especially in transactions in Europe and direct transactions between European companies.

Consultation period: 23 January - 22 March 2019

5. Consultation on the role of the euro in transport means

The Commission will has started two consultations with stakeholders to investigate possible actions to promote the use of the euro by transport sector manufacturers (aircraft, maritime and railways). The consultation will explore in a more detail the reasons why the euro is not used for many of the most relevant international transactions and will help identifying conditions that would enable the promotion of the euro in transactions with european businesses.

Consultation period: 23 January - 22 March 2019