ECB (2014) “The international role of the euro“, European Central Bank – Eurosystem, Ιούλιος.
This report reviews developments in the international role of the euro in 2013, tracking a comprehensive set of indicators covering a number of different market segments. As in previous issues, the main focus is on measures of the euro’s relevance in financial markets, such as the use of the euro in foreign exchange reserves or in debt securities markets. In addition, the report includes a chapter on price-based measures, which may provide a better understanding of the international use of the euro.
The first part (Chapter 3 and 4) of the review continues to provide high-quality and timely data as well as an analysis of the changes during the period under review. The Statistical Annex contains historical time series for many key data for use by academic researchers, professionals and the general public. Where relevant, the review removes exchange rate-related valuation effects by showing statistical time series at constant exchange rates, so as to facilitate comparisons over time. Data are compiled by the ECB and the national central banks of the Eurosystem, also drawing on data available from international financial institutions such as the Bank for International Settlements and the International Monetary Fund. The report also presents survey-based evidence prepared by the Oesterreichische Nationalbank looking at the use of the euro as a parallel currency in central, eastern and south-eastern Europe.
The second part of the review offers an in-depth analysis of issues that have a bearing on the international role of the euro and the international monetary system. This year, this second part contains three special features: an analysis of the impact of foreign investors on the international use of the euro during the peak phase of the euro area sovereign debt crisis; an overview of the academic literature on the global financial impact of official reserve diversification; and a stock-taking and analysis of a number of stylised facts on foreign currency bond issuance.
Σχετικές αναρτήσεις:
- Fuertes Α.-Μ., Kalotychou , Ε. & Saka, Ο. (2014) “ECB Policy and Eurozone Fragility: Was De Grauwe Right?“, Economic Policy, CEPS Working Documents, 20 Ιουνίου.
- Magnus, G. (2014) “The ECB and Sisyphus: it won’t be finished unless it does QE“, Pieria Online, 09 Ιουνίου.
- Varoufakis, Y. (2014) “How should the ECB enact Quantitative Easing? A proposal“, Thoughts for the post-2008 World Blog, 19 Μαΐου.