Given the weight of the euro area in the world economy and the legacy of the former national currencies which have been replaced by the euro, it is no surprise that the euro is the second most widely used currency at the international level.
In this respect, the stance of the Eurosystem, consisting of the European Central Bank and the national central banks of the euro area, is based on two basic principles. First, since the internationalisation of the euro is mainly a market-driven process, the Eurosystem adopts a neutral stance, neither fostering nor hindering the international use of its currency.