Also, European currencies have been increasingly used as vehicle and, to a lesser extent, as invoicing currencies. There is every reason to believe that these trends could be strengthened by the introduction of the euro. After all, the euro will eventually cover an BIS Review 27/1997  -2-  economy whose gross domestic product is larger than that of the United States.
This framework complements the existing framework on prudential supervision and legal compliance with special attention directed to anti-money laundering and combating financing of terrorism. Nevertheless, all agents have a responsibility in reducing AML/CFT risks and building a robust framework for cross-border payments.