Capital movements and financing conditions could also be affected. At the same time, changes in international labour supply may affect the composition and dynamics of domestic labour markets, causing mismatches, changes in wage-setting relations and wage rises in the longer run. Dealing with fragmentation In this environment, the challenge is to pursue openness while preparing for fragmentation scenarios.
BIS Review 68/2004  1  The ECB and the international role of the euro This brings me to the stance adopted by the Eurosystem on the international role of its currency. I will start by emphasising a key characteristic of the international use of any currency: there is no “sovereign” power that can enforce its use.