In several important respects, the euro is a more significant international currency than is widely appreciated, Claudio Borio said in recent remarks.

Many conclude from the euro’s shrinking share of official foreign reserves that the currency is losing ground on the global stage, Borio said. He sought to challenge this narrative: “I would like to argue that, in some significant but underappreciated respects, the euro’s heft has actually grown in recent years.”

The euro continues to have an