- Oct 1, 2019
Reserve value of Euro is guaranteed though ECB's coverage rate which consists of dollars, yens, gold and special drawing rights/bonds check it out yourself European Central Bank: 04/2021 The US has a similar system only US does not capitalize gold against market value, but a historical value (has less impact on coverage rate when gold value rises or falls downward).Actually no such guarantee exists. Although most countries do indeed maintain a gold supply, on average these holdings constitute less than 2% of total money supply. The closest currency to be considered on the Gold Standard is the Tugrik (Mongolia) with about 10-15% of the currency covered.
(Fun Fact- there are actually some cryptocurrencies that are entirely backed by Gold, such as Tether Gold and DigixGlobal tokens.)