Commission launches targeted consultation on the global role of the euro in foreign exchange markets


As part of its work to explore how to increase the international role of the euro, the Commission launched an additional targeted consultation. This consultation is aimed at financial institutions and other stakeholders with an in-depth understanding of foreign exchange markets.

The objective is to assess the role of the euro in these markets, especially in comparison with other major currencies, and to determine whether trading the euro is conducted efficiently and on the basis of adequate market liquidity. The consultation will also assess the role that euro area banks play in foreign exchange markets. This follows the first round of consultations launched on 23 January on agricultural and food commodities, metals and minerals, and transport sector manufacturers in the field of aircraft, maritime and railway transport. A consultation in the field of energy will follow. These consultations are a follow-up to the December 2018 Communication “Towards a stronger international role of the euro”, which outlined the benefits of a strengthened international role of the euro for the EU and the international financial system and proposed initiatives to boost the euro’s role. The Euro Summit of December took note of this Communication and encouraged work to be taken forward. The consultation, launched on Friday 25 January afternoon, will remain open until end-March 2019. In addition, the Commission will hold discussions on the increased international role of the euro in different public fora. The Commission will report on progress by the summer. The consultation can be accessed here.