To the extent that the Eurosystem has been successful in maintaining price stability, this in itself has fostered the use of the euro as an international currency. Eight and a half years after its introduction, the euro has now established itself firmly as the second world currency.
Nearly one-third of all international debt securities are denominated in euro, and the euro accounts for more than 25% of global foreign exchange reserves. Moreover, with 646 billion banknotes and coins in circulation, the euro has already overtaken the US dollar.