Indeed, the contribution of the regime shift implied by the transition to Stage Three to changing both public and private sector behaviour in favourable directions may be one of the largest gains that the euro area can extract from Monetary Union.
Progress When we speak of an internationalised currency, what we typically have in mind is a currency that is used frequently in international trade and investment transactions between residents and non-residents and also in transactions that involve only non-residents. An internationalised currency can’t be achieved overnight. It takes time. It takes time for nonresidents to be comfortable using another currency.