This 21st annual review of the international role of the euro published by the European Central Bank (ECB) presents an overview of developments in the use of the euro by non-euro area residents. The report covers developments in 2021. During this period, the euro area and other major economies recovered from the coronavirus (COVID-19) pandemic recession. The euro area has experienced one of the steepest recoveries in its history, thanks also to ample fiscal and monetary policy support. Now we face rising global inflation driven by higher energy costs, supply bottlenecks and normalising demand as economies reopen. On ... (full story)