Naturally, the euro will play a significant international role as an investment and reserve currency. If this does not turn out to be the case, it will be an enormous – and scarcely conceivable – surprise as well as a bitter disappointment. The fact that the euro area is already regarded as a safe haven confirms this assumption.
It is simply a fact of life that major international currencies are used by investors from time to time as a safe haven. However, this can also be a problem in certain situations, especially for the exchange rate. But it is the future stability of the euro that will determine its actual role in the concert of world currencies.