The role of the euro as an anchor currency in third countries outside the euro area has remained stable overall. Changes in exchange rate regimes involving the euro mainly involved the new EU Member States, as three of them joined the Exchange Rate Mechanism II end-June 2004.
The global reserve build-up continued at a rapid pace, with Japan and other emerging Asian economies accounting for the largest share in the total increase. Benefiting from the appreciation against other international currencies, the share of the euro in official foreign exchange reserves has continued to increase gradually, from 19.3% in 2002 to 19.7% in 2003.