11 October 2004, 13:28  ECB's Maystadt - euro more popular in FX reserves

The euro has grown in popularity as an international reserve currency since its 1999 launch, but is far ) - from posing a threat to the dollar, the president of the European Investment Bank said on Monday. "The euro's share of world reserves has almost doubled since the euro's launch....There are more and more euro-denominated assets in Asia," Philippe Maystadt told a conference on "The euro after five years". "We are still very far from challenging the dollar as a world reserve currency but the impact is there," he added. He said the euro had not turned out to be the catalyst for higher growth or potential growth rates as some had hoped. He said it was therefore necessary to press on with structural reforms.|||

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