Towards a stronger international role of the euro

Key points:

The EESC

• notes that the international role of the euro has not yet recovered to the pre-financial crisis level;
• considers that social cohesion, economic upward convergence and the promotion of competitiveness and innovation should be the basis on which the euro area's economy gathers pace and supports a stronger international role for the euro;
• believes that this requires inter alia the completion of the Economic and Monetary Union and the Banking Union;
• reiterates in this connection the relevance of supporting SMEs and further increasing productivity as a means to enhance the euro area's competitiveness in international markets;
• believes that the fragmentation of the euro area's sovereign bond market should be addressed by investigating options for creating more liquid and safer euro assets;
• considers that the ECB may facilitate a stronger international role of the euro by fulfilling its mandate of maintaining price stability and by supporting deeper Economic and Monetary Union and Capital Markets Union;
• believes that additional measures are required to deepen the European financial sector, including a stronger European financial market infrastructure and solid interest rate benchmarks;
• considers that the promotion of a wider use of the euro in strategic sectors is also crucial in contributing towards an increased international role of the euro;
• urges Member States to take a more unified approach in international diplomacy and a more pro-active stance to promote the EU's interests, which could result in enhanced trade opportunities.