Ewald Nowotny: Achieving financial stability – the role of the EU, the Euro and the ECB Opening speech by Prof Dr Ewald Nowotny, Governor of the Central Bank of the Republic of Austria, at the Salzburg Global Seminar on “New rules for global finance – which kinds of regulation are useful and which are counterproductive?”, hosted by the Central Bank of the Republic of Austria, Vienna, 8 March 2011.
The decline in 2014 in the share of the euro at market exchange rates was a reflection of the depreciation of the euro. There is therefore no evidence that global foreign exchange reserve managers actively rebalanced their portfolios away from the euro in 2014, or in 2011–2012 for that matter.