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E U RO P E A N C E N T R A L B A N K

THE INTERNATIONAL ROLE OF THE EURO

JULy 2010

T H E I N T E R N AT I O N A L RO L E O F T H E E U RO
J U Ly 2 010

THE INTERNATIONAL ROLE OF THE EURO
J U LY 2010

In 2010 all ECB publications feature a motif taken from the €500 banknote.

© European Central Bank, 2010 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal addressPostfach 16 03 19 60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Website http://www.ecb.europa.eu Fax +49 69 1344 6000 All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. As at 14 July 2010. ISSN 1725-6593 (online)

CONTENTS
ABBREVIATIONS FOREWORD 1 INTRODUCTION 2 MAIN FINDINGS 3 THE EURO IN GLOBAL MARKETS3.1 The euro in international debt markets 3.2 The euro in international loan and deposit markets 3.3 The euro in foreign exchange and derivatives markets 3.4 The euro in international trade in goods and services 4 THE USE OF THE EURO IN COUNTRIES OUTSIDE THE EURO AREA 4.1 Official use: the euro as anchor and reserve currency 4.2 Private use: the euro as a parallel currency 5 SPECIAL FEATURES 5.1Excess returns on net foreign assets and international currencies 5.2 Constructing a summary indicator of the international role of the euro 5.3 How international is the euro? A brief reassessment of its role in global financial markets REFERENCES STATISTICAL ANNEX DOCUMENTS ON THE INTERNATIONAL ROLE OF THE EURO PUBLISHED BY THE EUROPEAN CENTRAL BANK 6 7 9 11 15 15 20 22 25 CHARTS 29 29 2 35 45 3 454 55 5 58 65 S1 7 I 8 6 1 International (narrow) and global measures of outstanding international debt securities Stock of international debt securities (narrow measure): outstanding amounts and currency shares Outstanding volume of euro-denominated international bonds and notes by sector Outstanding volume of international bonds and notes by sector Outstanding volume of international bonds andnotes by region Euro share in the stock of outstanding international debt securities in selected regions International loan markets: all cross-border loans by currency International deposit markets: all cross-border deposits by currency 4 BOXES 1 Long-term trends in exchange rate anchoring of emerging market and developing economies Should larger reserve holdings be more diversified? Central, easternand south-eastern European households and the crisis: lower cash holdings despite deposit withdrawals. Where did the money go? Why is loan and deposit substitution in central and eastern Europe so persistent? New evidence from household and company data

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Interbank spot foreign exchange transactions in EBS Settlement volumes in the CLS system Currency breakdown of settlement in the CLS system Derivatives traded on organised markets Derivatives traded on OTC markets Currency breakdown of OTC foreign exchange derivatives Currency breakdown of OTC interest rate derivatives Theeuro’s share in extra-euro area merchandise trade of selected euro area countries The euro’s share in merchandise trade of selected EU and EU candidate countries The euro’s share in merchandise exports of selected EU countries outside the euro area The euro’s share in merchandise imports of selected EU countries Currency composition of global foreign exchange reserves Share of the euro in foreignexchange reserves of selected countries Net shipments of euro banknotes to destinations outside the euro area Foreign currency brought into and taken out of the Russian Federation by authorised banks Regional breakdown of euro banknote purchases from and sales to destinations outside the euro area (from 2006 to 2009) The share of the euro in the deposits of selected EU Member States and EU...
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