The international status of the Euro has been on the International agenda since the very creation of the euro a decade ago.It has gained even further attention in the wake of the global financial crisis as the latter could have been expected to imply an increased questioning of the global role of dollar.While the international role of the dollar is currently under scrutiny,the EU and its currency have not played any sort of proactive role.This paper dealt with the question of whether the euro is increasingly used in international transactions not only between Europe and the rest of the world but also in transactions between third-countries.That is the question of whether the euro may challenge the role of the dollar as the present main reserve currency in the international monetary system.