The function of money as a medium of exchange is significantly enhanced by enlarging the area in which a single currency is used as legal tender not least since this eliminates exchange rate uncertainty within the currency area. The introduction of the new euro banknotes and coins in the euro area, which comprises around 300 million citizens, is in many respects a huge challenge.
Luis de Guindos: Opportunities and challenges for the euro area financial sector Opening speech by Mr Luis de Guindos, Vice-President of the European Central Bank, at the 22nd Euro Finance Week, Frankfurt am Main, 18 November 2019. * * * I am honoured to open the 22nd Euro Finance Week.