Article | Open Access
| Ahead of Print | Last Modified: 6 November 2024
No Longer Neutral: The ECB’s Geopoliticization of the International Role of the Euro
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Abstract: While the euro has, since its creation, been the world’s second most important currency, the ECB has long depoliticized the international role of the euro by proclaiming a neutral stance. However, as this article explains, since 2019, the ECB has embraced currency internationalization and framed the issue in geopolitical terms. This policy change reflects a response to a changed international political environment after 2018 and it has led the ECB to seek closer political coordination regarding external economic policy. As the international role of the euro has become a concern for the EU’s broader geoeconomic turn, it may, however, become difficult for the ECB to reconcile its political independence with its more geopolitical view of currency internationalization.
Keywords: China; European Central Bank; European Union; geopoliticization; international role of the euro; strategic autonomy
Published:
Ahead of Print
Issue:
Vol 13 (2025): Ditching the Maastricht Model? The Evolving Role of the European Central Bank in the Economic and Monetary Union (In Progress)
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© Lukas Spielberger. This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 license (http://creativecommons.org/licenses/by/4.0), which permits any use, distribution, and reproduction of the work without further permission provided the original author(s) and source are credited.