The future of the euro: Can Europe build a global reserve currency?
Date: september 2026
Javier Díaz-Giménez
Juan Pablo Uphoff
Euro, reserve currency
Funcas Intelligence – The new architecture of global power
The dollar maintains its global leadership in trade and finance thanks to historical advantages and economies of scale that reinforce its role as a reserve currency. This dominance generates significant economic benefits for the United States. Although the euro occupies a prominent position, its progress is hampered by the fragmentation of European public debt; greater fiscal integration through Eurobonds could significantly strengthen its international role.