The euro’s challenge to the international status of the U.S. dollar has been set back a generation as new data shows developing countries dumping the European currency from their official reserves.
Central banks in developing countries sold €45 billion of euros in 2012, according to data compiled by the International Monetary Fund, cutting their holdings of the currency by 8 percent.
This highlights the damage Europe’s sovereign debt crisis has done to its standing in the international financial system as the chance of rivaling the dollar – one dream of the single currency’s founders – slips away.
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