I will then turn to the role of the euro and the Eurosystem in international cooperation on currencies. This role is also reflected in our policy position vis-à-vis the internationalisation of the euro. The ECB sees the internationalisation of its currency beyond the borders of the euro area as a market-driven process.
On the side of governments, it means enacting the institutional reforms necessary for sustainable growth within monetary union. Only with such a comprehensive policy response can we ensure that the high expectations of monetary union are finally fulfilled. 15  OECD (2015), “Young SMEs, growth and job creation”, OECD Policy Brief.