The explosion of debate on the demise of the dollar has been instructive, though vastly premature. What is striking, however, is the absence of the euro from talk of alternatives as the global currency. Currency baskets, SDRs, even internationalisation of the renminbi, have been mooted, but not the obvious alternative.

This should have been the euro's moment. It is already the second global currency. The gap between the overwhelming role of the dollar and the size of the US economy has long been recognised. The crisis is accelerating the fall of the US share of global gross domestic product and the apparent neglect of fiscal sustainability is eroding the dollar's relative attractiveness for the longer term.

Over its 10 years, the euro has been a huge success for its member states. Its attractiveness in the economic storm has never been higher to European Union members and neighbouring economies. Momentary currency appreciation aside, however, there is no sign of a move to the euro as a global currency. The share of dollars in global reserves remains almost three times that of euros. During the worst of the crisis, dollars were demanded by institutions in trouble and it was the US Fed that provided up to $600bn in liquidity to non-US residents through swap lines. Nothing of this sort happened with the euro. It is a huge success in Europe, but it remains a regional currency.