The euro’s role as a reserve and invoicing currency and its relevance as an issuing currency on the  1  The ECB provides a useful survey of the multitude of approaches to regional economic cooperation in the world economy (ECB Monthly Bulletin 10/2004). 2  BIS Review 50/2005  international bond market is confirming this judgment.
Source: Federal Reserve Board, Distributional Financial Accounts; Bureau of Economic Analysis; calculations by Board staff. 2018:Q4  2007:Q1 = 100  Figure 2.