The European Union today called for its Asian partners to use the euro as foreign reserves in an effort to make the single European unit a real international currency.
"We are working more and more to promote the external use of the euro on the market," Belgium Finance Minister Mr Didier Reynders told a news conference after a two-day meeting of Asian and European finance ministers.
It has become more likely that "the euro becomes an international currency and we can see the euro as reserves," said Mr Reynders, whose country will take over the rotating presidency of the EU in the second half of this year.
"The euro has become the reference currency in international bond markets alongside the dollar, and we must go in this direction," he said.
"It will be more and more efficient" after the introduction of coins and notes on January 1st next year, he added.
Mr Reynders said he was confident of further strengthing in the euro. "The euro was undervalued in the previous year," he said. The recent gain in the euro against the dollar was natural because the US economy is slowing down while the EU economy is on the right track, he added.
"We are confident in the European economy and growth for around three per cent this year," he said. "We will have a strong currency but in relation with a strong economy, to do that, we must work (for) a better economic cooperation'' in the monetary area", he added.
AFP