ECB Executive Board Member Calls for Deliberate Action to Strengthen Euro's Global Role (ecb.europa.eu)

• Euro-denominated international debt issuance hit nearly €1 trillion in 2025, a record.
• Renminbi accounts for 8% of global trade financing, surpassing the euro.
• ECB to expand EUREP facility and launch tokenized central bank money in September 2026.
• Cipollone calls on EU legislators to deepen single market and boost productivity.

"ECB Executive Board member Piero Cipollone argues in a blog post that the euro's international role has grown incidentally and now requires deliberate policy action. He notes that euro-denominated debt issuance hit a record €1 trillion in 2025, but the renminbi has surpassed the euro in trade finance. He outlines ECB initiatives including expanding the EUREP repo facility, launching tokenized central bank money in September 2026, and advancing the digital euro. Cipollone urges EU legislators to deepen the single market and create a savings and investments union to bolster the euro's standing."