New or rising currencies, as the euro today, have a difficult time against the incumbent. Similar phenomena have been documented empirical for earlier historical episodes, e.g. the late 19th century when despite a large and fast growing US economy the pound sterling continued to dominate (Flandreau and Jobst 2009).
The same is true today, as there is significant shortfall between the actual role of the euro in trade invoicing and financial flows and what could be expected because of the size of the euro area (Pisani and Posen 2008).