The ECB would then be called on to increase its activities as an international lender of last resort. Any extension of the global network of currency swap lines would, however, have to be based on sound monetary arguments. Central banks are mindful of global financial stability, but they always act in full discretion and within domestic mandates.
Conclusion It is time for me to conclude. The decline in the euro’s international role in recent years is primarily a symptom of the initial fault lines in Economic and Monetary Union. There is thus a close alignment between the policies that will strengthen the euro’s global role and the policies that are needed to make the euro area more robust.