No Longer Neutral: The ECB’s Geopoliticization of the International Role of the Euro

Lukas Spielberger
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Lukas Spielberger: Brussels School of Governance, Vrije Universiteit Brussel, Belgium

Politics and Governance, 2025, vol. 13

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 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:cog:poango:v13:y:2025:a:8877

DOI: 10.17645/pag.8877

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