The Governor of the Banque de France, François Villeroy de Galhau, told a conference in Paris on 4 June that increasing the global use of the euro would bolster “European financial sovereignty”.

Villeroy de Galhau, who is a frontrunner to succeed Mario Draghi as the head of the European Central Bank in October. argued that since the 2008 financial crisis and the 2012 Eurozone crisis. the international use of the euro as a major reserve currency has sharply declined.

More than 60% of global official reserves are held in US dollars. A key for the euro to emerge as a global currency that is on par with the power of the greenback hinges on the creation of a safe asset similar to US Treasuries, an objective that provides a new impetus to the discussion for Eurobonds.

European Commission President Jean-Claude Juncker has repeatedly vowed to turn the euro into a global reserve currency by replacing the dollar with the single currency when concluding deals tied to energy imports.