Whereas the average ratio of goods exports to GDP for the individual euro area countries was around 35%, the share of euro area goods exports to GDP (adjusted for intra-euro area trade) was only about 12.9% in 1999. Nevertheless, the euro are is still more open than the world's other two major economies.
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.