*  *  Introduction  Great expectations were attached to the international role of the euro, especially by politicians. However, a currency’s international importance is primarily determined by international financial markets. It depends on the policies pursued in the currency area and on the amount of confidence which financial market players have in the currency.
Both of these aspects are important for assessing the role of the euro in the world. Use of the euro by the international financial markets will be strengthened by further progress towards an integrated European financial market.