In an opinion piece, European Central Bank Executive Board member Piero Cipollone argued that Europe needs to act more deliberately to strengthen the euro’s international role as the global monetary system becomes more contested. He said the euro’s international use has increased, with its share of global reserves still around 20% and annual international debt issuance in euro reaching nearly EUR 1 trillion last year, but much of that progress has come by circumstance rather than explicit policy. Cipollone pointed to areas where policy choices have already lifted the euro’s standing, including the currency’s move ahead of the US dollar in the global green bond market and the rapid growth of instant payments. Within the ECB’s remit, he highlighted the recent expansion of EUREP, the ECB’s repo facility for central banks, to give a wider set of central banks standing access from 2026 to euro liquidity against high-quality euro-denominated collateral, plans to issue tokenised central bank money for wholesale settlement in September 2026, preparations for a digital euro for day-to-day payments, and work to link the Eurosystem’s fast payment system with those of other countries. He contrasted that with deliberate efforts by China to expand renminbi use in trade and by the United States to extend the dollar’s reach through stablecoins. He said broader gains in the euro’s international role will depend on action by European Union legislators, including delivering a genuine single market, a savings and investments union, higher productivity, stronger external and energy security, and greater use of the euro in invoicing and trade finance.
European Central Bank2026-06-02
European Central Bank outlines steps to strengthen the euro’s international role through wider liquidity access and digital payments
The European Central Bank’s Piero Cipollone urged more deliberate action to strengthen the euro’s international role, noting that its roughly 20% share of global reserves and nearly EUR 1 trillion in annual international debt issuance have largely arisen by circumstance. He highlighted ECB initiatives such as expanding the EUREP repo facility and issuing tokenised central bank money for wholesale settlement from September 2026, preparing a digital euro, and linking fast payment systems, while calling on EU legislators to deepen the single market, build a savings and investments union, raise productivity, bolster external and energy security, and increase euro use in trade.