The 2014–19 drop in euro-area reserve holdings and reported recent central bank inflows

A user attributes the 2014–19 drop in euro-area reserve holdings to China's 2015–16 reserve fall and to quantitative easing and low rates pushing reserve managers out of the euro. The user also says central bank flows into the euro area have been strong in recent years despite the immobilization of Russia's assets. Higher euro-area rates reduced the penalty for holding euros rather than dollars, they argue, and flows were apparently large in the second quarter of 2026.