11 The ECB’s independence and its commitment to maintaining price stability in the euro area over the medium term is therefore a supportive factor, albeit an indirect one, in the euro’s international status. I doubt that a currency can gain international status if investors do not trust its issuing central bank to be free from political interference.
I am aware of no credible evidence that supports such a conclusion. The enhanced integration of China into the world trading system is having a notable effect on Asia’s trade with the rest of the world and on trade within Asia. After having risen rapidly through the 1990s, U.S. imports from Asia excluding China have flattened since 2000.