Hurdles remain for euro as international reserve currency

Dollar’s incumbency, institutional deficiencies and rise of renminbi hamper progress of single currency

ECB in Frankfurt
“It is absurd that European companies buy European planes in dollars instead of euro,” says EC president Jane Claude Juncker

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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