“We’ve seen very significant improvements in the current account, which is very encouraging,” Steve Barrow, the head of Group of 10 research at Standard Bank Plc, said in the article. “Looking at both trade and portfolio flows, you have to say the euro’s in a much stronger position.”

The Eurozone emerged from a record-long recession, expanding 0.3% in the second quarter.

The U.S. dollar still remains the global reserve currency, accounting for 62% of holdings as of the end of the second quarter. In comparison, the euro represented 24% of total holdings.

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Max Chen contributed to this article.