ECB's Centeno says boosting euro's international role is significant challenge

LISBON: The euro zone needs to reinforce the common currency's international role, which remains a significant challenge despite recent advances, European Central Bank governing council member Mario Centeno said on Tuesday.

Centeno said he was optimistic because "Europe is much better equipped today than in the past regarding its institutions", citing its "quite impressive" response to the coronavirus pandemic.

"The euro proved this time to be a very, very flexible and strong institution to all member States. The risks that some countries could see 10 years ago regarding the euro are today much smaller," he told an online conference on the convergence of the Portuguese and Czech economies.

He said "it is a long-term goal of the European Union for the euro to be our common currency for all member states of the EU", and it was the responsibility of each country to prepare their institutions for that moment.