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Economy and Finance

The international monetary system and the role of the euro

  • Conferences and summits
The international role of the euro

 ‘The International Monetary System and the Role of the Euro’ conference took place on 1-2 June in Brussels and brought together insights from the latest academic research, market experts and policy makers on this key topic. Highlights included:

  • Keynote speeches by Gian Maria Milesi-Ferretti (Senior Fellow, Hutchins Center on Fiscal and Monetary Policy, The Brookings Institution), on how the international financial system is evolving and the key forces shaping global imbalances and the role of the US dollar and other currencies, Thorsten Beck (Director, Florence School of Banking and Finance, European University Institute) on the potential benefits and risks of financial innovation and highlighting the case for greater strategic autonomy for the euro area, and Cédric Tille (Professor, Geneva Graduate Institute), giving a comprehensive overview of existing research on the complementarities between the uses of global currencies in trade and finance, and the implications for the international role of currencies.
  • Valdis Dombrovskis, Commissioner for Economy and Productivity, Implementation and Simplification, emphasised the European Commission commitment to an enhanced international role for the euro that reflects Europe’s political, economic and financial weight and supports the EU strategic autonomy. This requires maintaining and expanding trade and cooperation agreements, signalling that the EU remains open for business, for new and existing partners alike; preserving the trust in our institutions and reinforcing our defence capabilities; completing the savings and investment union and launching the digital euro.
  • Research presentations covered a wide range of relevant topics such as: Zhengyang Jiang (Kellogg School of Management and NBER) on the US dollar convenience yield, Isha Agarwal (University of British Columbia) on currency safety beliefs, Laurent Clerc and Jean Barthélemy (Banque de France) on payment innovations and stable coins, Olga Triay Bagur (ECB) on fast payment interlinkages, Stefano Ungaro (European Commission, Joint Research Centre) on asset allocation in the euro area through the lens of a new Finflows database, and Saleem Bahaj (University College London) on the global network of liquidity lines. Insightful discussions were provided by Robert Kollmann (Université Libre de Bruxelles and CEPR), Juraj Hledik (European Commission, Joint Research Centre), and Andrea Ferrero (University of Oxford)
  • Finally, a panel moderated by Rebecca Christie (Senior Fellow, Bruegel) and joined by  Gian Maria Milesi-Ferretti (The Brookings Institution), Frank Smets (Acting Head of Monetary and Economic Department and Head of Economic Analysis and Statistics at BIS), Isabelle Mateos y Lago, Chief Economist, BNP Paribas, and Maarten Verwey (Director-General, DG Economic and Financial Affairs, European Commission) discussed what policies would help enhance the euro globally. The main recommendations included advancing on the Savings and Investment Union, reinforcing European competitiveness and economic security, and ensuring the depth and liquidity of the market for EU safe assets, through jointly financing of common projects and better integration of EU bond issuance. 
     

Remarks by Commissioner Dombrovskis at DG ECFIN conference on the International Monetary System and the Role of the Euro

Scientific Committee

Leonor Coutinho, DG Economic and Financial Affairs, European Commission
Donata Faccia, DG Economic and Financial Affairs, European Commission 
Robert Kollmann, Université Libre de Bruxelles and CEPR
Daniel Monteiro, DG Economic and Financial Affairs, European Commission
Rafal Raciborski, DG Economic and Financial Affairs, European Commission
Louis Rostain, DG Economic and Financial Affairs, European Commission
Matteo Salto, DG Economic and Financial Affairs, European Commission

  • economy
  • Monday 1 June 2026, 08:45 - Tuesday 2 June 2026, 15:45 (CEST)
  • Brussels, Belgium

Files

  • 4 JUNE 2026
Dollar Erosion: Understanding the Loss of Reserve Currency Status - Zhengyang Jiang
English
(368.3 KB - PDF)
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  • 4 JUNE 2026
Dollar Erosion: Understanding the Loss of Reserve Currency Status - Robert Kollmann
English
(901.36 KB - PDF)
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  • 4 JUNE 2026
Identifying the World’s Dominant Safe Asset: Measuring Belief-Based Safety Using Text and Portfolio Data
English
(691.82 KB - PDF)
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  • 4 JUNE 2026
How can the digitalisation of finance affect the international monetary system and the international role of the euro?
English
(980.83 KB - PDF)
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  • 4 JUNE 2026
Payment innovations shaping the International Monetary System
English
(991.72 KB - PDF)
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  • 4 JUNE 2026
Geopolitics and Global Interlinkages of Fast Payment Systems
English
(3.84 MB - PDF)
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  • 4 JUNE 2026
Interconnections between global trade and global finance for international currency use
English
(4.17 MB - PDF)
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  • 4 JUNE 2026
Complementary levers: global liquidity and capital flows - Andrea Ferrero
English
(687.64 KB - PDF)
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  • 4 JUNE 2026
A Changing International Monetary System
English
(1.06 MB - PDF)
Download

Programme

  1. 1 Jun 2026, 08:45 - 09:30 (CEST)
    Registration and Welcome
  2. 09:30 - 10:30 (CEST)
    Keynote speech: Moving towards a less dollar-centric global monetary and financial system? Is this time different?

    Gian Maria Milesi-Ferretti, Senior Fellow, Hutchins Center on Fiscal and Monetary Policy, The Brookings Institution

    Chair: Massimo Suardi, Director, DG Economic and Financial Affairs, European Commission

    Q&A 

  3. 10:30 - 11:00 (CEST)
    Coffee break
  4. 11:00 - 12:30 (CEST)
    Panel: The economics of global currency dominance

    Session chair introduction: Leonor Coutinho, Deputy Head of Unit, DG Economic and Financial Affairs, European Commission

    • 11:05 - 11:30: Dollar Erosion: Understanding the Loss of Reserve Currency Status by Zhengyang Jiang (Kellogg School of Management and NBER), A. Krishnamurthy (Stanford University), H. Lustig (Stanford University) and R. Richmond (New York University)
    • 11:30 - 11:55: Identifying the World’s Dominant Safe Asset: Measuring Belief-Based Safety Using Text and Portfolio Data by Isha Agarwal (U. British Columbia), Wentong Chen (Santa Clara University), Eswar Prasad (Cornell University)
    • 11:55 - 12:15: Discussion
      Discussant: Robert Kollmann, Université Libre de Bruxelles and CEPR
    • 12:15 - 12:30: Floor Discussion
  5. 12:30 - 14:00 (CEST)
    Lunch break
  6. 14:00 - 15:00 (CEST)
    Keynote speech: How can the digitalisation of finance affect the international monetary system and the international role of the euro?

    Thorsten Beck, Director, Florence School of Banking and Finance, European University Institute

    Chair: Massimo Suardi, Director, DG Economic and Financial Affairs, European Commission

    Q&A 

  7. 15:00 - 15:30 (CEST)
    Coffee break
  8. 15:30 - 17:15 (CEST)
    Panel: Payment innovations shaping the International Monetary System

    Session Chair Introduction: Mattias Levin, Acting Head of Unit, DG for Financial Stability, Financial Services and Capital Markets Union, European Commission

    • 15:35 - 16:15: Payment Innovations and Stable Coins: implications for the international monetary system and the role of the US dollar by Laurent Clerc, S. Haincourt; Jean Barthélemy, J. Pedrono, J. Schmidt
    • 16:15 - 16:40: Geopolitics and Global Interlinkages of Fast Payment Systems by M. Minesso (European Central Bank), A. Mehl (European Central Bank), Olga Triay Bagur (European Central Bank) and I. Vansteenkiste (European Central Bank)
    • 16:40 - 17:00: Discussion
      Discussant: Juraj Hledik, Joint Research Centre - Digital Finance Research
    • 17:00 - 17:15: Floor Discussion
  9. 17:15 - 17:30 (CEST)
    Day 1 Closing Remarks and Info for Day 2
  10. 2 Jun 2026, 09:00 - 09:15 (CEST)
    Welcome
  11. 09:15 - 09:30 (CEST)
    Opening Speech by Valdis Dombrovskis, Commissioner for Economy and Productivity; Implementation and Simplification, European Commission

    Chair: Massimo Suardi, Director, DG Economic and Financial Affairs, European Commission

  12. 09:30 - 10:30 (CEST)
    Keynote speech: Interconnections between global trade and global finance for international currency use

    Cédric Tille, Professor, Geneva Graduate Institute

    Chair: Annika Eriksgaard, Deputy Director-General, DG Economic and Financial Affairs, European Commission

    Q&A 

  13. 10:30 - 11:00 (CEST)
    Coffee break
  14. 11:00 - 12:30 (CEST)
    Panel: Complementary levers: global liquidity and capital flows

    Session chair introduction: Norbert Wunner, Economic Adviser, DG Economic and Financial Affairs, European Commission

    • 11:05 - 11:30: Euro Area Financial Asset Allocation: a view from the Finflows database by E. Aruqaj (DG Economic and Financial Affairs), L. Coutinho (DG Economic and Financial Affairs ), S. Fatica (Joint Research Centre ), A. Pagano (Joint Research Centre), M. Salto (DG Economic and Financial Affairs), Stefano Ungaro (Joint Research Centre), S. Zeugner (DG Economic and Financial Affairs)
    • 11:30 - 11:55: The Global Network of Liquidity Lines by Saleem Bahaj (University College London), M. Fuchs (London School of Economics) and R. Reis (London School of Economics)
    • 11:55 - 12:15: Discussion
      Discussant: Andrea Ferrero, University of Oxford
    • 12:15 - 12:30: Floor Discussion
  15. 12:30 - 14:00 (CEST)
    Lunch break
  16. 14:00 - 15:30 (CEST)
    Policy panel discussion: A Changing International Monetary System – Policy Implications for the EU
    • Gian Maria Milesi-Ferretti, Senior Fellow, Hutchins Center on Fiscal and Monetary Policy, The Brookings Institution
    • Frank Smets, Acting Head of Monetary and Economic Department and Head of Economic Analysis and Statistics at BIS
    • Isabelle Mateos y Lago, Chief Economist, BNP Paribas
    • Maarten Verwey, Director-General, DG Economic and Financial Affairs, European Commission

    Moderator: Rebecca Christie, Senior Fellow, Bruegel

  18. 15:30 - 15:45 (CEST)
    Conference closing remarks

Practical information

When
Monday 1 June 2026, 08:45 - Tuesday 2 June 2026, 15:45 (CEST)
Where
Berlaymont building
Rue de loi 200, 1000 Brussels, Belgium
Languages
English

Contacts

General contact

Email
ECFIN-IROE-CONFERENCatec [dot] europa [dot] eu