The euro in international markets: problems and prospects (part 1)

Abstract

The paper reviews the studies on European monetary policy, which examines developments in the use of the euro by non-euro area residents from 1999 to 2011. Th e international role of the euro remained broadly stable during 1999-2011 compared with other major international currencies. The share of euro-denominated instruments fl uctuated only marginally between 2009 and 2011
in the market segments examined. Also this paper presents the main fi ndings of the continued monitoring and analysis by the ECB and the Eurosystem of the developments, determinants and implications of the use of the euro by non-euro area residents. Data regarding the use of the euro by third countries as well as in global markets, in particular with respect to the use as anchor, reserve, trade, invoicing and parallel currency, are also available.