(2018), “Asserting Europe’s leadership”, panel remarks at Les rencontres économiques d’Aix-en-Provence, 8 July. In such an environment, being the issuer of a global reserve currency confers international monetary power, in particular the capacity to “weaponise” access to the financial and payments systems.
[8] See, for example, Tooze, A. and Odendahl, C. (2018), “Can the euro rival the dollar?”, CER Insight, Centre for European Reform, 4 December. As has been clear on a number of recent occasions, the prospect of being shut out of major financial systems makes fines or economic sanctions markedly more threatening.