International currencies must be backed by large, stable and efficiently functioning economies and financial systems that are attractive to international users and investors. And last but not least, the effect of monetary policy on import prices is reduced. The ECB has always held that the international role of the euro develops as a result of market forces.
Accordingly, the internationalisation of the euro as such has never been a policy objective. In December 2018, however, the European Commission presented a set of action points to strengthen the euro’s global role. To this end, the euro should become even more compelling as a means of payment and a trustworthy investment currency.