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In the longer term, the creation of a common euro area safe asset, if so decided by Member States, in a way that does not undermine incentives for sound national fiscal policies, could also contribute to this objective.
This, in turn, would help the euro’s “exorbitant privilege” to be more widely shared across euro area sovereigns.
Additional indicators tracked in this report show the share of the euro as having increased in the review period. The share of the euro increased by more than 2 percentage points as a stronger US dollar exchange rate, together with higher US interest rates, raised concerns among international borrowers about higher debt servicing costs.
All in all, financial turbulence in some emerging market economies, growing concerns about the impact of international trade tensions and challenges to multilateralism, including the imposition of unilateral sanctions, seem to have lent support to the euro’s global standing over the review period.
Moreover, euro area-specific developments, such as progress towards completing banking union and deepening EMU more generally, helped to further strengthen the euro area’s resilience and, in turn, to boost the attractiveness of the euro internationally.
A large part of those interventions took place in US dollars, mechanically underpinning the share of the euro in global foreign exchange reserves.
Tentative evidence suggests that concerns about unilateral sanctions may have been another factor supporting diversification of the reserve portfolios of some central banks, such as the Central Bank of Russia.
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The share of the euro in global foreign exchange reserves rose in 2018 by more than 1 percentage point (see Table 1).