Euro (currency)

Main article: Economy of the European Union

Euro zone

Digital euro

Main article: Digital Euro

2024: Depreciation against the US dollar by 20% over 10 years

2023: The collapse of the volume of trade deals in euros

The role of the dollar in international payments is greater than ever, according to transaction data collected by Swift. The use of the dollar in global payments in July 2023 reached a record level.

In July, the share of transactions related to the dollar reached a record 46%. In terms of the number of transactions, the dollar leads, followed by the euro, sterling, yen and yuan. The share of the euro fell to a record low, the share of the yuan exceeded 3%.

2022

The share of world reserves in euros remains stable

Euro crash due to failed pressure attempts on Russia

Russian Finance Minister considers dollar and euro "toxic candy wrappers"

"The American and European currency is toxic to us. What do we do with her? Why is it needed, this currency? That is, we sell our own wealth - gas, receiving candy wrappers, toxic candy wrappers. Why are they needed?, " - said the Minister of Finance of the Russian Federation Anton Siluanov in May 2022

The Ministry of Finance of Russia proposed to use cryptocurrency for payment under foreign trade contracts.

Euro's share of central bank reserves is not growing

The fall of the euro against the dollar against the background of Russia's special operation in Ukraine

In March 2022, against the background of Russia's special operation in Ukraine, the fall of European currencies continues, including the euro, the Swedish crown and the Polish zloty.

EU bans delivery of euro banknotes to Russia

In early March 2022, the European Union introduced a ban on the sale and supply of euro banknotes to Russia. This will not affect tourists and diplomats.

It is prohibited to sell, supply, transfer or export banknotes denominated in euros to Russia or to any individual or legal entity, organization or body in Russia, including the government and the Central Bank of Russia, or for use in Russia, the EU legislation portal says (quote from RBC).

Exceptions are provided in the document. In particular, the prohibition does not apply to the sale, supply, transfer or export of banknotes, provided that it is necessary:

• for personal use by individuals traveling to Russia or by their immediate family members traveling with them;
• for the official purposes of diplomatic missions, consular offices or international organizations in Russia that enjoy immunities in accordance with international law.

The restrictions will come into force in ten days, from March 12, 2022, follows from a decree published in the EU journal.

President of the Moscow International Monetary Association (MMBA) Alexei Mamontov called restrictions on the import of the euro a serious measure and believes that "banks may well have certain problems, but maybe they will still be able to purchase cash in countries that have not joined the sanctions."

On the other hand, according to Mamontov, the same Chinese banks, despite the absence of any restrictions, "now do not express much desire to work with Russian counterparties."

But I think demand will resonate in supply, just the exchange rate will be increased, he said.

By February 1, 2022, Russians kept 7.05 trillion rubles (equivalent) in foreign exchange accounts and deposits, according to data from the Central Bank of the Russian Federation.^[1]

2021

Share in Global Foreign Exchange Reserves 20.6%

As of December 31, 2021, the share of the US dollar in global foreign exchange reserves decreased to 58.8%, which is a new record low. The share of the euro remained stable.

The share of the euro approached the share of the dollar in world calculations

ECB: The digital yuan is the main risk for maintaining the international role of the euro

China's rapid progress in developing the digital yuan poses a key risk to maintaining the euro's international role, ECB Governing Council member Francois Villeroy de Gallot said on June 30, 2021.

The governor of the Bank of France called on politicians in Europe to act quickly on their own equivalent efforts and more innovative payment solutions, "or risk the destruction of our monetary sovereignty - which we cannot allow."

"

The risk is clear that Europe will lose momentum, not only in its quest to strengthen the euro's international role, but even in preserving it. The challenge here is also geopolitical. "

2020

Growth of cash in circulation to 1.4 trillion euros (+ 11 %)

At dollars the end of 2020, more than 1.4 trillion euros (1.7 trillion) of banknotes were in circulation, which is 11% more than a year earlier.

According to the ECB, cash is alive and well in the eurozone, despite the growth of debit cards and contactless payments, and the COVID-19 pandemic has accelerated this trend.

Once dubbed the "banknote paradox" by Bank of England governor Andrew Bailey, the phenomenon mostly boils down to two reasons: demand for currency outside the bloc, and Europeans hoarding cash to store their wealth, ECB analysts write.

Euro outperforms dollar on cross-border transfers for first time since 2013

In October 2020, the euro became the most popular currency for cross-border transfers, overtaking this indicator for the American dollar first time since February 2013. More. here

2019

Share of euro in foreign exchange reserves of countries - 20.24%

The volume of euros in circulation - 1.3 trillion dollars

The gold supply as of August 2019 is $8.7 trillion, the US dollar supply is $1.7 trillion. The volume of rubles in circulation is $150 billion.

�​Obyem of cash in circulation (in USD UNITED STATES). Data for 2019]]

2005

2002: Entering banknotes and coins into cash circulation

Euro banknotes and coins were put into cash circulation on January 1, 2002.

1993: European Monetary System (EWS) established

In 1993, a more flexible and adaptive European Monetary System (EWS) was established with the aim of more adequate adjustment of inter-country monetary and currency proportions, and as a preparatory stage before the introduction of the euro.

On what principles was the European civilization formed: free movement of capital/financial flows, free trade, free movement of people, unified legislation, unified industrial, energy, scientific and technical standards, coordinated macroeconomic, budgetary and financial policies, democratic institutions, where the decision is made through the consensus of the political and business elite with the support of society. A single currency is just an element of a very complex puzzle.

1979: European Monetary System (EMS) established to fix European exchange rates

The European Monetary System (EMS), created in 1979, was a system of fixed exchange rates between the currencies of the countries participating in the agreement as part of the creation of a synthetic basket of currencies of the European Currency Unit (ECU), as the predecessor of the euro.

At the same time, an inter-country funding mechanism was created to eliminate currency imbalances through the European Exchange Rate Mechanism.