NGEU and the international role of the euro

Pier Mario Lupinu and Anna Machura-Urbaniak

Chapter 21 in Research Handbook on Post-Pandemic EU Economic Governance and NGEU Law, 2024, pp 328-344 from Edward Elgar Publishing

Abstract: The increasing ‘weaponisation’ of the United States dollar, a potential end to the dollarisation era and the Covid-19 pandemic revamped the debate on the need to strengthen the international role of the euro to safeguard the strategic autonomy of the European Union. In the absence of efficient capital markets, we argue that this objective can be achieved through policy initiatives, such as the NextGenerationEU (NGEU). In this context, we assess to what extent the NGEU represents a catalyst for the promotion of the international role of the euro by virtue of the significant supranational emission of green bonds. By addressing the scarcity of euro-denominated safe assets, NGEU Green Bonds can support the protection of the economic and geopolitical interests of the bloc. Moreover, the role of the euro as the currency of the green transition can consolidate its position as the second most significant currency of the international monetary system.

Keywords: Economics and Finance; Law - Academic; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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