News Summary: Debt crisis shrinks use of euro

News Summary: Euro's role in international system shrank in 2012, US dollar held its ground

Associated Press
News Summary: Debt crisis shrinks use of euro
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FILE - In this May 10, 2006 file photo a one euro coin is seen on a one dollar note in Frankfurt, central Germany. The European Central Bank says Tuesday, July 2, 2013, international use of the euro slipped last year because of the debt crisis among countries that use it. The euro's share among the currency reserves held by central banks fell from 25.1 percent to 23.9 percent in 2012. Meanwhile, countries held more reserves in currencies of nations with strong economies, such as Australia and Canada. (AP Photo/Michael Probst, File)

NOT SO POPULAR: International use of the euro slipped last year because of the debt crisis in Europe. The European Central bank said that the euro's share among the currency reserves held globally by central banks fell to 23.9 percent in 2012 from 25.1 percent the previous year.

HOLDING STEADY: The U.S. dollar held its own as the world's leading currency for reserves held by central banks. Its share among currency reserves held globally by central banks was little changed at 61.9 percent.

UP AND COMERS: Currencies not traditionally used as reserves, such as the Canadian and Australian dollars, gained in favor as those countries enjoyed steady growth and lower debt than major economies.

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