The European Commission's communication Towards a stronger international role of the euro [COM(2018) 796 final] from December 2018 outlined a series of possible measures to enhance the role of the euro in the international monetary system, so that it becomes more commensurate to the euro area's political, economic and financial weight. These measures include encouraging the use of the euro as a reserve currency, in debt instruments issued by foreign governments and businesses, and in international payments, especially on the commodities markets. This comes with significant benefits for Europe, such as providing further impetus for completing Banking Union and Capital Markets Union, lowering exchange rate risk and increasing price transparency, providing better access to finance, boosting international trade, etc. It also comes with some new challenges associated, for example, with currency appreciation, which could make EU exports more expensive, the need for more active ECB monetary policy interventions, and the need for a more unified European foreign policy, especially in international financial institutions such as the IMF.
Against this background, the European Economic and Social Committee (EESC) is bringing together policy-makers and civil society representatives for an exchange of views from a European and an international perspective. The outcome of this public hearing will feed directly into the on-going EESC opinion on the international role of the euro.
The Public hearing on Strengthening the international role of the euro: European and international perspectives to be held on Thursday, 4 April 2019, from 10 a.m. to 1 p.m., room TRE7701, rue de Trèves 74, 1040 Brussels.