As stated above, the pursuit of these developments, in the absence of appropriate and sound regulatory frameworks, could lead to the emergence of new risks. As an example, with these advances in technology, some of the platforms and systems have moved to the cloud. This is compounded by the rapid improvements and usage of mobile devices.
Further progress in the development of broad, deep and liquid financial markets is a precondition for the expansion of the euro’s international role. Increased international use of the euro, as a currency for international reserve holdings, for investment and financing purposes, might have some bearing on monetary policy, but this potential impact seems manageable.