Euro remained second reserve currency in 2022 – ECB report

Structural factors continue to hold back the euro as a reserve currency

Euro sign, Frankfurt

In a context of higher financial volatility and geopolitical tension due to the Russian invasion of Ukraine, the euro maintained its place as the second most-used global reserve currency in 2022.

Nonetheless, the currency still suffers from structural deficiencies preventing it from rivalling the US dollar’s hegemony. Although rates are no longer negative, euro-denominated bonds offer lower yields than in the US or UK.

The bloc’s sovereign bond market remains fragmented, with few triple-A

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account