The euro/dollar foreign exchange market is the largest in the world and around 40% of international debt securities issued over the past two years have been in euro. The euro is already an international currency, second only to the US dollar, and businesses and investors around the world need to take this into account.
In this regard, however, let me just say that some of the speculation about the international role of the euro, and especially the suggestion made by some that the euro would soon rival the dollar, has not been particularly helpful. I prefer to refrain from making such predictions.