The euro celebrates 25 years of virtual existence this month, with its digital creation in 1999 followed by the introduction of physical notes and coins in 2002. It's embedded successfully as the domestic means of exchange within the 20-nation euro zone. While its survival is no longer threatened, the common currency has made little progress in its broader aim of challenging the dollar's role as the world’s reserve currency — and has instead gone backward.

De-dollarization is a perennial theme, but the greenback remains king. The use of the euro in SWIFT transactions — the main global system for cross-border payments — fell to 22% by the end of last year from 38% in January. The dollar took a corresponding leap, with usage climbing to 48% from 40%. Most of this was due to a change in market practice when SWIFT changed its calculation method to more accurately measure commercial bank data sent to the European Central Bank; but the common currency has failed to fulfill the aspirations of its founders.

QOSHE - Euro’s Status Languishes as Dollar Still King After 25 Years - Marcus Ashworth
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Euro’s Status Languishes as Dollar Still King After 25 Years

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24.01.2024

The euro celebrates 25 years of virtual existence this month, with its digital creation in 1999 followed by the introduction of physical notes and coins in 2002. It's embedded successfully as the domestic means of exchange within the 20-nation euro zone.........

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