And the euro’s legacy currencies, notably the Deutsche Mark, had already established a certain international status. Some expected - or even hoped - that the international role of the euro would rival that of the US dollar. I should add that among central bankers, we always refused to frame the discussion in such terms.
It also needs to be forward-looking taking into account future liabilities, especially as regards spending on pensions and health care, which can be expected to increase substantially as a result of ageing populations. The measurement of such liabilities is, however, shrouded with methodological difficulties and subject to a high degree of uncertainty.