SUERF BAFFI Bocconi e-Lecture

The international role of the euro – state of play, drivers, prospects

Jun 14, 2021 14:00 - 15:30 CET (UTC+01:00)

Date:     Monday, 14 June 2021
Time:    14:00-15:30 CET
Format: Cisco Webex

In this video, top international economists discuss latest developments in the international role of the euro, as compared to other major global currencies, notably the US dollar and the Chinese renminbi. In particular, the discussion focuses on the factors that promote and hamper a currency´s international role. What role has the COVID-19 crisis played? Might post-COVID developments (notably higher inflation in the United States) weaken the US dollar`s global dominance? How is the development of central bank digital currencies (CBDC) related to the future role of currencies on the global level? What progress has the EU made in creating the conditions for a larger international role of the euro, and what tasks have yet to be achieved? Is the euro´s lead in the green bond market something to build on? How can the EU become more independent when it comes to international sanctions? Where does the renminbi currently stand, what drives and hampers its international role? 

Timeline and speakers: 00:00:14 - Ernest Gnan, Head of Economics, OeNB, and SUERF Secretary General: Opening 00:02:00 - Hans-Joachim Klöckers, Director General International and European Relations, ECB: Presentation of 2021 ECB Report on the International Role of the Euro - Overview 00:15:51 - Arnaud Mehl, Adviser, DG International and European Relations, ECB: Special features: 00:17:05 - EU and ECB policy responses to the pandemic and the euro´s global role 00:23:47 - Central bank digitial currencies and global currencies 00:28:07 - The euro as an invoicing currency for global trade 00:35:00 - Klaus Wiedner, Director, FISMA B, European Commission: International role of the euro and EU strategy to foster openness, strength and resilience of the European economic and financial system 00:50:50 - Harold James, Professor, Princeton University: Historical perspective on what drives global currencies, and implications for the global role of the euro 01:04:01 - Robert Neil McCauley, Non-Resident Senior Fellow, Global Development Policy Center, Boston University: Challenging the $-€opoly: how’s the renminbi doing? 01:18:24 - Mutual comments among the panellists 01:26:29 - End