In 1999 euro area exports of goods and services made up 18.9% of world exports, compared with 15.2% for the United States and 9.1% for Japan. EMU is also having dynamic effects and is acting as a catalyst for the further integration of the euro area economy. This is particularly obvious in the case of euro area financial markets.
Even in the runup to EMU, there was a marked decline in financial transaction costs. Since the introduction of the euro on 1 January 1999 this decline has accelerated.. Furthermore, trading activity has expanded, particularly in segments such as the private bond markets.