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The euro in a world of dollar dominance: between strategic autonomy and structural weakness
Der Euro angesichts der Dollar-Dominanz: zwischen strategischer Autonomie und struktureller Schwäche
[working paper]
Corporate Editor
Stiftung Wissenschaft und Politik -SWP- Deutsches Institut für Internationale Politik und Sicherheit
Abstract The inquiry into the global significance of the euro, which is the second most important currency in the international financial system after the US dollar (hereinafter, the dollar), should be treated as a priority in efforts to strengthen the EU's strategic autonomy. The main obstacles impeding the... view more
The inquiry into the global significance of the euro, which is the second most important currency in the international financial system after the US dollar (hereinafter, the dollar), should be treated as a priority in efforts to strengthen the EU's strategic autonomy. The main obstacles impeding the further internationalisation of the euro include the lack of a sovereign behind it and the heterogeneity and structural problems of the euro area member states. The international status of the euro can be actively improved by strengthening its role in the green transformation as well as in the further deepening and integration of the financial markets in Europe - and by promoting the "digital euro" project. The current trends of growing geopolitical rivalry, digitalisation, and the rise of platform companies in the global economy will steer the international financial system towards greater regionalisation. (author's abstract)... view less
Keywords
EU; Euro; monetary union; international monetary system; financial market
Classification
National Economy
Free Keywords
Währungsraum; Euro-Währungszone; Finanzsektor; Finanzinstitutionen; Wirtschaftsautonomie; Entwicklungsperspektive und -tendenz
Document language
English
Publication Year
2024
City
Berlin
Page/Pages
30 p.
Series
SWP Research Paper, 2/2024
DOI
https://doi.org/10.18449/2024RP02
ISSN
1863-1053
Status
Published Version; reviewed
Licence
Deposit Licence - No Redistribution, No Modifications