Europeans’ trust in the euro can be inferred from their support of Economic and Monetary Union with the euro as the single currency: in the euro area, almost two-thirds of citizens support the single currency (63%).3 Therefore, besides their function as an overseer for retail payments, central banks also need to build trust, facilitate integration and improve efficiency in this field too.
Moreover, the Asian crisis in 1997 combined with the Russian default a year later to reverse global investors’ enthusiasm for investments in developing economies.