To my mind, however, there is another reason why the euro area is crucially relevant to the global economy. It comes from the fact that European integration is by far the most advanced experiment in managing issues that cut across borders, through a combination of international and supranational arrangements.
65 years ago, the founders of the EU decided that we could only achieve results if we were united in facing common problems. At the time, the problem was war and the objective was peace. And it worked.