Having said this, the downward shift seems to have been more or less arrested in recent years. The data points since Q1 2005, around the black line, seem to be resting comfortably on this regression line. Statistically, the coefficient of determination (R squared) is 0.89.
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.