), the utilisation of this currency in the global financial market is the driving force behind its internationalisation. In particular, the advent of the euro is speeding up the process of integration and innovation in the euro area domestic financial market, which may in turn influence its international use.
This means that the euro has not simply replaced the various national denominations within the given market structure. Its introduction may determine a “shift of regime” in financial markets, which would imply that market participants may fundamentally revise their strategies in response.