''The euro must become the face and the instrument of a new, more sovereign Europe” said
Jean-Claude Juncker in his ‘State of the Union’ speech before the
European Parliament on September 12th 2018. His words have promoted
discussion of the potential wider use of the euro on the international
stage.
This post reviews, in chronological order,
four previous cases when the international role of a currency was
debated in the past: the decline of sterling and its progressive and
proactive withdrawal from international-currency status; the ‘exorbitant
privilege’ of the dollar; the push for giving a voice to Europe on the
international monetary stage after the breakdown of Bretton Woods; and
the refusal of German authorities to see a greater international use of
the D-mark in the 1970s and 1980s..''
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