GBAF Logo
Euro will only gain bigger role with deliberate policy action, says ECB's Cipollone - Finance news and analysis from Global Banking & Finance Review
Finance

Euro will only gain bigger role with deliberate policy action, says ECB's Cipollone

Published by Global Banking & Finance Review

Posted on June 2, 2026

1 min read

· Last updated: June 2, 2026

Add as preferred source on Google
Finance Banking Markets

ECB's Cipollone: Euro Needs Deliberate Policy to Expand Global Role

The Euro's Position in the Global Monetary System

Current Status of the Euro

FRANKFURT, June 2 (Reuters) - The rise in the global role of the euro currency has been circumstantial up to now and the bloc needs to act deliberately to carve out a greater market share, European Central Bank board member Piero Cipollone said on Tuesday.

Cipollone's Call for Action

"In a more contested global monetary system, Europe needs to act deliberately to strengthen the role of its currency," Cipollone said in an ECB blog post. "In a changing global environment, the euro should serve a clearer purpose for Europe, and Europe should be willing to act to make this happen."

Reporting and Editing

(Reporting by Balazs KoranyiEditing by Bernadette Baum)

Key Takeaways

  • Euro remains the world’s second most important currency, with a roughly 20% share in global foreign exchange reserves in 2025, and its international role continues to grow gradually. (ecb.europa.eu)
  • Issuance of international debt in euro hit record highs in 2025, and the euro led the green bond market for the first time. (ecb.europa.eu)
  • Cipollone and other ECB figures stress the need for structural reforms, including deeper monetary union and a digital euro, to actively promote the euro’s global status. (esm.europa.eu)

References

Frequently Asked Questions

What is necessary for the euro to gain a larger global role?
The euro needs deliberate policy action from the European bloc for a greater global market share.
What has driven the euro's global role so far?
The rise in the euro's global role has been circumstantial up to now.
Who emphasized the need for action to strengthen the euro?
ECB board member Piero Cipollone emphasized the need for deliberate action.
What purpose should the euro serve in a changing global environment?
The euro should serve a clearer purpose for Europe, supported by intentional policy measures.

Tags

Related Articles

Image for Private equity firm JC Flowers buys Monte Paschi's French division

Private equity firm JC Flowers buys Monte Paschi's French division

Image for Hungary finance minister says EU funds deal will boost economy, cut debt

Hungary finance minister says EU funds deal will boost economy, cut debt

Image for DHL Express considers aviation fuel supplies secure for summer despite Iran war

DHL Express considers aviation fuel supplies secure for summer despite Iran war

Image for Czech police charge four in OnlyFans human trafficking case

Czech police charge four in OnlyFans human trafficking case

Image for Microsoft expected to showcase new PC, cloud AI tools at developer conference

Microsoft expected to showcase new PC, cloud AI tools at developer conference

Image for Czech castle's cache of precious wine goes on display in new-old bottles

Czech castle's cache of precious wine goes on display in new-old bottles

More from Finance

Explore more articles in the Finance category

Image for Netanyahu faces criticism after Trump halts Israeli strikes on Beirut
Netanyahu faces criticism after Trump halts Israeli strikes on Beirut
Image for UK's FTSE 100 rises on mining boost; focus on Middle East peace moves
UK's FTSE 100 rises on mining boost; focus on Middle East peace moves
Image for Air traffic control strikes in Belgium halt air traffic, airport says
Air traffic control strikes in Belgium halt air traffic, airport says
Image for Stellantis will build 2 million cars on new STLA One platform by 2035, CEO says
Stellantis will build 2 million cars on new STLA One platform by 2035, CEO says
Image for UK budget watchdog will factor stickier inflation into next forecasts
UK budget watchdog will factor stickier inflation into next forecasts
Image for Bayer to challenge transfer of Roundup settlement case to California federal court
Bayer to challenge transfer of Roundup settlement case to California federal court
Image for EBRD chief says governments need to target any support as Middle East war bites
EBRD chief says governments need to target any support as Middle East war bites
Image for Arm Holdings CEO says US would have difficulty banning AI CPU chip exports to China
Arm Holdings CEO says US would have difficulty banning AI CPU chip exports to China
Image for STMicro weighs Crolles fab expansion as AI optics demand rises, CEO says
STMicro weighs Crolles fab expansion as AI optics demand rises, CEO says
Image for Analysis-A strong El Nino may be imminent. Climate change will make its effects worse
Analysis-A strong El Nino may be imminent. Climate change will make its effects worse
Image for Britain sets 87% emissions reduction target for 2038-2042 period
Britain sets 87% emissions reduction target for 2038-2042 period
Image for Euro zone inflation rises again, reinforcing case for ECB hike
Euro zone inflation rises again, reinforcing case for ECB hike
View All Finance Posts