This 20th annual review of the international role of the euro published by the European Central Bank presents an overview of developments in the use of the euro by non-euro area residents. The report covers developments in 2020. This period was characterised by the outbreak of the coronavirus (COVID-19) pandemic, a contraction in global economic activity unprecedented in living memory and exceptional global policy support. On balance, however, these developments did not result in a significant change in the international role of the euro. In particular, the euro’s share in outstanding international loans, in the ... (full story)