Will the euro become a reserve currency?

Since its inception as an idea, the architects of the euro dreamed that one day it would jostle with the US dollar as the world's reserve currency of choice. Now with the US running twin deficits, there are some who wonder whether the current administration is more focused on near term domestic considerations (ie re-election) than longer term strategic goals (ie the dollar as a store of value). The dollar's bout of weakness (notwithstanding the very recent rally) has raised questions about its value as a reserve currency, for individuals and institutions alike.