The international role of the euro has remained substantially Stable in 2024keeping its position of second currency most important globally behind the green ticket. 2024, however, also marks a milestone for gold that has passed the currency of Eurolandia in the reserves of the central banks.
In the usual annual review of the international role of the euro, the European Central Bank stressed that the position of the eurothrough the analysis of a series of indicators of use of the currency, has remained largely unchanged from the large -scale invasion of Ukraine Russia, attesting to about 19%.
However, it also emerged that i bars In 2024 they represented 20% of the official reserves globalexceeding 16% of the euro and placing second only to the US dollar which maintains its primacy with a 46% share.
The challenges for the euro
“The central banks continued to accumulate gold at a record rhythm And some countries have actively explored alternatives to traditional cross -border payment systems “, stressed the ECB, indicating that” although current data do not indicate significant changes in the international use of the euro, it is Important to remain vigilant“.
“There is evidence of a link between geopolitical alignments and changes in currency billing models In global trade, in particular after the Russian invasion of Ukraine – added the Eurotower -. They also emerged New challenges To the international role of the euro, including initiatives that promote the global use of cryptocurrencies “.
Gold at record levels
As for the growth of demand for goldIn the ECB report it reads that “in 2024 gold prices reached high historians, while the gold reserves by the central banks have stood at nearby levels to those seen the last time in the era Bretton Woods“.
“The demand for gold by central banks remained at the highest record in 2024, representing over 20% of global demandin contrast with the share of about a tenth recorded on average in the 10s “.
The survey
In the report, Frankfurt explained that the demand for gold For monetary reserves it is increased abruptly after the Russian invasion of Ukraine In 2022 and from that moment he remained high. A survey conducted by the World Gold Council at central banks around the world suggested that the motivation of this trend is, on the one hand, the use of gold for purposes of diversificationon the other, its use as protection tool from risk geopolitical. To push the question according to some central banks of emerging economies and also developing the concerns relating to the sanctions and the possible erosion of the role of the main currencies. Türkiye, India and China they are at the top of the list of major buyersby jointly accumulating more than 600 tons of gold since the end of 2021.
