Will Europe and the euro evolve?

As money and payments evolve, the euro is changing too. European policy-makers have long cherished the aim of increasing the euro’s role and importance in reserve portfolios and in payments outside its borders.

Boosting the euro’s international status requires both the market integration package and the savings and investment union projects to advance, creating modern and efficient pan-European capital markets with a plentiful supply of high-quality assets suitable to fill reserve accounts.

Digitalising money has also become a key battleground for the status of a currency. With the US relying on private stablecoins to extend its influence abroad, Europe is looking for a framework that meets the competitive challenge while recognising Europe’s institutional structure and prudential preferences.

John Berrigan, Director-General in the Directorate-General for Financial Stability, Financial Services and Capital Markets Union of the European Commission, joins OMFIF to explore:

• How European financial policy is evolving to meet these challenges and what remains to be done
• Whether Europe is doing what it needs to do to be globally competitive
• If Europe can simultaneously pursue autonomy, protect integrity and improve the euro’s global standing
• What progress has been made on European stablecoins and how they fit into the bloc’s other projects on digital public money