International use of the euro increases

欧元的国际使用增加

2019/06/14 11:55
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欧元的国际地位在2018年和2019年初得到加强,扭转了近年来的下降趋势。
  • Euro’s share in global foreign exchange reserves rose by 1.2 percentage points in 2018

  • 2018年,欧元在全球外汇储备中的比重上升1.2个百分点

  • Role of euro also strengthened in debt issuance and remained stable as invoicing currency

  • 欧元在债券发行方面的作用也加强了,作为计价货币保持稳定

  • Policies for deeper economic and monetary union are key to supporting a further rise in international role of the euro

  • 深化经济和货币联盟的政策是支持欧元进一步提升国际地位的关键

The euro’s international role strengthened in 2018 and early 2019 reversing a declining trend in recent years. This was one of the principal findings in the latest annual report on The international role of the euro,published today by the European Central Bank (ECB).

欧元的国际地位在2018年和2019年初得到加强,扭转了近年来的下降趋势。这是欧洲中央银行(ECB)6月13日发布的关于欧元国际角色的最新年度报告的主要发现之一。

Adjusting for exchange rate valuation effects, the share of the euro as a global exchange reserve currency was 1.2 percentage points higher at the end of 2018 than at the end of 2017 (20.7% compared with 19.5%). The euro’s share in international debt issuance and international deposits also increased, together with its share in the value of outstanding international loans. Its use as an invoicing currency remained broadly stable, as did shipments of euro banknotes to destinations outside the euro area.

经汇率估值效应调整后,欧元作为全球外汇储备货币的份额在2018年底比2017年底高出1.2个百分点(20.7%比19.5%)。欧元在国际债券发行和国际存款中所占的份额也有所增加,在未偿还国际贷款中所占的份额也有所增加。欧元作为一种计价货币的使用保持了基本稳定。

Since its introduction 20 years ago, the euro has remained unchallenged as second most used currency globally after the US dollar, but its usage declined after the global financial crisis. After bottoming out in 2016, the international use of the euro has recently slightly strengthened again (see chart).

自20年前推出以来,欧元作为全球第二大使用货币的地位一直没有受到挑战,仅次于美元,但在全球金融危机之后,欧元的使用量有所下降。在2016年触底反弹之后,欧元的国际使用最近又略有加强(见图表)。

Composite index of the international role of the euro

欧元国际角色综合指数

(percentages; at current and Q4 2018 exchange rates; four-quarter moving averages)

(百分比;按现行及2018年第四季汇率计算;连续移动平均线)

The report provides background to the initiative launched by the European Commission in December 2018 to strengthen the international role of the euro. Like the Commission, the Eurosystem stresses that the international role of the euro is primarily supported by a deeper and more complete Economic and Monetary Union (EMU), including advancing the capital markets union, in the context of the pursuit of sound economic policies in the euro area.

该报告为欧盟委员会2018年12月发起的加强欧元国际作用的倡议提供了背景。与欧盟委员会一样,欧元体系强调,欧元的国际作用主要是由一个更深入、更完整的经济与货币联盟(EMU)支持的,包括在欧元区追求健全经济政策的背景下推进资本市场联盟。

“The Eurosystem supports these policies and emphasises the need for further efforts to complete EMU,” said Mario Draghi, the ECB’s President. “Sound economic policies and a deeper and more complete EMU can be expected to ultimately boost the global role of the euro and also help facilitate the smooth transmission of monetary policy across euro area financial markets”, said Benoît Cœuré, member of the ECB’s Executive Board. “In particular, because capital markets in Europe are still fragmented along national lines, there is a need to further strengthen the ability of the financial sector to contribute to economic stabilisation and resilience in the euro area.”

欧洲央行行长德拉吉表示:“欧元体系支持这些政策,并强调有必要进一步努力完成欧洲货币联盟。”“稳健的经济政策,并更深入和更完整的欧洲货币联盟有望最终提振欧元的国际地位,也有助于促进货币政策顺利传输至整个欧元区金融市场”,欧洲央行执委会成员Benoit Cœure说,“特别是,由于欧洲的资本市场仍按国家划分为多个部分,因此有必要进一步增强金融业对欧元区经济稳定和弹性做出贡献的能力。”

Strengthening the credit quality of outstanding debt, notably by pursuing sound and sustainable fiscal policies, would contribute to increasing the supply of safe euro area debt and raising the euro’s global appeal. In the longer term, the creation of a common euro area safe asset, if so decided by Member States, in a way that does not undermine incentives for sound national fiscal policies, could also contribute to this objective.

加强未偿债务的信贷质量,特别是通过推行健全和可持续的财政政策,将有助于增加欧元区安全债务的供应,并提高欧元的全球吸引力。从长期来看,如果欧元区成员国决定创建一种共同的安全资产,而且这种资产不会损害对健全国家财政政策的激励,也可能有助于实现这一目标。

The report also contains four special features. The first assesses whether and how the economic costs and benefits of the international use of the euro have evolved over time. The second special feature describes the economic importance of the “exorbitant privilege” enjoyed by the euro as one of the major global currencies. The third special feature assesses the role of trade invoicing for the global transmission of monetary policy, while the fourth weighs the relative importance of the euro and the US dollar as denomination currencies for cross-border bank positions.

该报告还包含四个特刊。第一个评估的是,随着时间的推移,国际上使用欧元的经济成本和效益是否以及如何变化。第二个特刊描述了欧元作为全球主要货币之一所享有的“嚣张的特权”的经济重要性。第三个专题评估了贸易发票在全球货币政策传导中的作用,而第四个专题评估了欧元和美元作为跨境银行头寸计价货币的相对重要性。

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