Some believe that the major benefit from the United States having the premier international currency and the broadest and most liquid financial markets is that we are able to finance our large current account deficit more cheaply than would otherwise be the case. That is true only to the extent that the international status of the dollar brings lower interest rates on dollar liabilities.
This suggests that international currency status might affect a country’s (or in the case of the euro, the region’s) equilibrium real exchange rate and real interest rate.