Commodity_backed currencies are unstable.
Particularly the consumables.
Gold’s primary advantage was that it was inert, it didn’t spoil and it wasn’t used up.
But there’s nothing like enough of it.
So perhaps we should ask why do people use the dollar, rather than the Euro. What did the Euro do wrong?
EU has like the US a high debt. 85 percent of GDP, and rising. Not as bad as the US ( 130 percent). In short, remember England refused to use the Euro, for many reasons which will answer the question.
More:
https://www.bruegel.org/policy-brief/rising-cost-european-union-borrowing-and-what-do-about-it
Also realize Germany and other EU nations are suffering from senile Joe’s sanctions- Russias reverse sanctions have damaged heavily their manufacturing which depended on cheap Russian energy, commodities, metals, etc.
The future outlook for the EU manufacturing is bleak.