The EU’s finance chiefs want the euro to take on a larger global role. The European Central Bank is offering liquidity to other central banks, reinforcing euro diplomacy as trust in the US financial system wavers.
It’s one of several proposals to boost the euro’s use as an international reserve currency, despite fears of a strengthening euro hurting the bloc’s exports.
Growing European unity in the face of US isolationism is also driving interest in joining the eurozone: Sweden, one of six EU members yet to adopt the single currency, has seen public support for accession grow. Such a move would boost the euro’s credibility, although is unlikely at least in the next couple of years, the country’s finance minister said.