Further progress in the development of broad, deep and liquid financial markets is a precondition for the expansion of the euro’s international role. Increased international use of the euro, as a currency for international reserve holdings, for investment and financing purposes, might have some bearing on monetary policy, but this potential impact seems manageable.
Given that, in terms of transactions, around 70% of banknotes are put into circulation via automated teller machines (ATMs), the quick adaptation of these machines was one of the key factors for a smooth changeover. In total, more than 200,000 ATMs either on site in bank branches or off site, for example in shopping centres, had to be converted.