Euro role expands
The European Central Bank has published data that shows the euro expanded its role as a reserve currency last year. The euro accomplished its expansion as the dollar suffered a rough year. The euro accounted for 26.5% of global foreign currency reserves, up from 25.3% a year earlier. However, the dollar fell to 64% of reserves from 65.4% at the end of 2007.
Even though the dollar has suffered statistically in the reserve currency category, the European Central Bank still believes that it has maintained its status as the most important international currency throughout the financial crisis. The dollar has persevered through the crisis still on top due to the depth and liquidity of the US financial markets in an environment for investors to grasp quality.
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