This review shows that the global financial turmoil, despite having a very marked impact on overall financial market activity, has not triggered any notable shifts in the currency preferences of market participants. As a result, the international role of the euro, when measured relative to the international role of other currencies, remained fairly stable during the review period. This also applies to recent developments following the intensification of the financial market turmoil in September 2008. All in all, this finding corroborates the conclusion of earlier reviews that the international role of currencies tends to be relatively stable over time.
Currency composition of global foreign exchange reserves
