So it’s no surprise that the ambition of building “European autonomy” is gaining traction and has been gathering momentum in various policy areas. 1/5  BIS central bankers' speeches  Where this overlaps most with the ECB is the international role of the euro. Issuing an international currency confers obligations, but it also creates opportunities.
It lowers external financing costs – the so-called “exorbitant privilege”. It helps shield domestic prices against volatile exchange rates. It strengthens monetary policy autonomy.