Euro's global role slips in multipolar system

Frankfurt

THE global use of the euro declined slightly in 2015 and early 2016 as China's yuan started to take a larger role in reserves and trade in an international monetary system that is becoming more multipolar.

"The euro remained the second-most important currency in the international monetary system, but with a significant gap to the US dollar," European Central Bank president Mario Draghi wrote in the foreword of a report on the international role of the single currency published on Wednesday. "The international role of the euro is primarily determined by market forces, and the Eurosystem neither hinders nor promotes the international use of the euro."