The Euro An International Invoicing Currency?

This article deals with the use of the euro in international trade, particularly as a unit of account. It seeks to analyze the evolution of the single currency in its essential facet of international currency, especially in the academic sphere, by examining the ideas and assumptions made by economists prior to the launch of the euro, right up to today's crisis. Although data regarding international trade invoicing are scarce, stylized facts reveal that the euro is a high and stable invoicing currency regionally, but not internationally. Indeed, the euro has failed to reach the status of vehicle currency: the euro is used only on specific markets where exporters are able to choose the currency of denomination. Moreover, since the euro was conceived in a neoclassical way, it is subject to institutional concerns, especially a lack of political support to foster a dynamics of internationalization.