Opportunity and Reluctance: Implications of the Euro for the European Union's Role in World Politics

Insofar as the European Union acts effective in world politics, the basis of its influence is economy. This article seeks to assess the extent to which adoption of the euro has enhanced the EU’s external influence and ability to act. It examines the concept of actorness in International Relations and considers the ways in which actorness is constructed through a combination of presence, capability and opportunity. This last focuses in particular upon the perceptions and expectations of third parties with whom the EU interacts. It is concluded that, in principle, adoption of the euro contributes significantly to the international presence of the EU. However a number of factors have combined to inhibit the impact of the euro.