Euro's international role hampered by continued fragmentation

Euro symbol

Financial fragmentation in the eurozone is holding the euro back from becoming a truly international currency to rival the dollar, according to a report published this week by the European Central Bank (ECB).

The latest edition of the ECB's annual report on The International Role of the Euro, covering 2012, says the European Union needs to strengthen the "institutional framework of Economic and Monetary Union" to "tackle the fundamental causes of the financial fragmentation in the euro area".

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