No Longer Neutral: The ECB’s Geopoliticization of the International Role of the Euro

China; European Central Bank; European Union; geopoliticization; international role of the euro; strategic autonomy; Sociology and Political Science; Public Administration

Abstract :

[en] While the euro has, since its creation, been the world’s second most important currency, the ECB has long depoliticized the international role of the euro by proclaiming a neutral stance. However, as this article explains, since 2019, the ECB has embraced currency internationalization and framed the issue in geopolitical terms. This policy change reflects a response to a changed international political environment after 2018 and it has led the ECB to seek closer political coordination regarding external economic policy. As the international role of the euro has become a concern for the EU’s broader geoeconomic turn, it may, however, become difficult for the ECB to reconcile its political independence with its more geopolitical view of currency internationalization.

Disciplines :

Sociology & social sciences

Author, co-author :

SPIELBERGER, Lukas ; University of Luxembourg > Faculty of Humanities, Education and Social Sciences (FHSE) > Department of Social Sciences (DSOC) > Political Science ; Brussels School of Governance, Vrije Universiteit Brussel, Belgium

External co-authors :

Language :

English

Title :

No Longer Neutral: The ECB’s Geopoliticization of the International Role of the Euro

Publication date :

30 January 2025

Journal title :

Politics and Governance

eISSN :

2183-2463

Publisher :

Cogitatio Press

Volume :

Peer reviewed :

Peer Reviewed verified by ORBi

Additional URL :

https://www.cogitatiopress.com/politicsandgovernance/article/viewFile/8877/4035

Funding text :

This article is part of an ERC project funded by the European Commission under grant number COG\u20102021\u2013 101045227. The author also acknowledges support from the Luxembourg National Research Fund under grant number INTER/UKRI/21/15560511/BankEU and by Prof. David Howarth (University of Luxembourg).

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since 23 December 2025

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