China is now promoting the global role of the renminbi, an objective which it also uses as an anchor for domestic reforms. 17 And the ECB’s position is one of neutrality. We view the international role of the euro as being primarily determined by market forces and we neither hinder nor promote it.
Where it is possible to adopt a set of agreed technical standards – global standards for IT components, or communications protocols might be examples – and impediments are removed, it seems that economic networks spanning national borders can quickly emerge.