Euro still a solid reserve currency: ECB

The euro is still a solid international reserve currency despite the dogged eurozone debt crisis, the European Central Bank said Wednesday. ECB president Mario Draghi said that Europe's single currency "was relatively resilient in 2011," in his introduction to the ECB's annual review of the euro's international role.
The central bank data showed that the euro's share of global foreign exchange reserves had fallen only slightly, to 25 percent at the end of 2011, from 25.4 percent a year earlier. But other evidence pointed to "a moderate decline in foreign demand for euro area assets at the end of 2011," the report said. Nonetheless, foreign demand for eurozone government debt securities suggests that "on the whole, the sovereign debt crisis has not undermined the status of the euro," the report said.