Why has the euro failed as a global reserve currency?


Twenty years after its creation, the euro has survived some stern challenges that threatened its long-term viability, despite its incomplete institutional framework. However, its inherent deficiencies as a common currency for disparate fiscal authorities have contributed to its failure in challenging the US dollar’s dominance as the world’s reserve currency.

In Central Banking’s Trends in reserve management 2020 survey, 88% of respondents from 57 central banks worldwide say the euro has

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