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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

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DOI: https://doi.org/10.17645/pag.8877


© 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.