Danmarks Nationalbank and the University of Copenhagen jointly organised the CEBRA Annual Meeting on 22–24 June 2026 in Copenhagen (link). The event brought together researchers from across the world for a series of debates and presentations on topics relevant for central banks and financial institutions.
On 22 June, Governor Signe Krogstrup took part in a panel discussion on the global financial system and the role of the dollar. The discussion focused on the continued global importance of the US dollar, which is also highly relevant for European and Danish financial markets, where the dollar plays a major role.
In contrast, the euro continues to be used to a lesser extent internationally than the dollar, even though the euro area accounts for a large share of the global economy and international trade. The share of the euro in, for example, global reserves, international debt and payments remains well below that of the dollar. For instance, around 23 per cent of international payments via SWIFT are conducted in euro, while the dollar accounts for approximately 48 per cent. This reflects a well-known dynamic: once a currency becomes dominant, its role tends to reinforce itself through trade patterns, financial markets and investor behaviour.
In some areas, the role of the euro has strengthened over the past year, as shown in the ECB’s annual report on the international role of the euro (link). Issuance of international debt in euro increased markedly in 2025 and reached its highest level to date. Over the longer term, European reforms may further strengthen the euro’s role. This is also important for Denmark, given our fixed exchange rate policy against the euro and our deep integration in European markets. Reforms in the EU – such as further integration of capital markets and development of payment infrastructure – can make the euro more attractive globally. However, the broad expectation, also reflected in the discussions at CEBRA, is that the dollar will remain the dominant currency for the foreseeable future.
Signe Krogstrup stated: “The international monetary system is evolving, but the end point is unclear. For Europe, this entails both risks and opportunities. Stronger integration of European financial markets and payment structures can support growth and economic resilience in Europe. It will also mean that the euro can play a larger role in the global financial system over time.”
Most recent presentations and speeches