In any case, from a positive standpoint, a possible evolution towards multi-polarity is a likely evolution, given the increasing importance of emerging market economies in the global economy. Finally, the question remains of how the euro’s international role will develop.
In an evolving global monetary and financial landscape, the euro’s international status will be determined primarily by market forces, although European authorities may indirectly contribute to it, too, as I will now explain. 25  At 31% and 15%, respectively. See Lindert (1969) and the discussion in Eichengreen (2014). 26  See Eichengreen, Chiţu and Mehl (forthcoming (b)).