Why the Euro Hasn’t Become an International Currency of Stature

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The US sets the bar high, keeping the euro from becoming an ‘international currency of stature’. When the euro launched in 1999, many expected it to become a strong competitor to the dollar on the international currency stage. Two decades later, the currency remains confined to the eurozone. The culprit: There’s an insufficient supply of superior euro-denominated assets and no “safe” government-backed asset for the currency. In contrast, the US has a far superior capacity for securitizing assets, given its unified and relatively reliable legal and regulatory system. Read full article here

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