Verso un rafforzamento del ruolo internazionale dell’euro

In December 2018, the European Commission issued a communication entitled Towards a stronger international role of the euro, highlighting the strategic importance of the common currency for the European Union to become a leading global actor. The paper examines some of the key aspects that underpin a strengthened international voice of the European Union and an increased use of the euro abroad and is divided in two parts. The first part is devoted to the external representation of the euro area, focussing on the International Monetary Fund and on international fora such as the G7-8 and the G20. The second part discusses the adoption of the euro as legal tender by third States (euroization) and addresses the issues arising from the unilateral euroization of some accession countries. The paper concludes by arguing that reinforcing the external dimension of the euro is essential for a meaningful shared monetary sovereignty.