Therefore, the evolution of the euro as an official reserve currency is not likely to be as rapid as its use by the private sector, where data on international debt security issues indicate a swift increase in the use of the euro as an investment and financing currency.
Let me now briefly turn to the possible impact that the internationalisation of the euro might have in areas of relevance to the Eurosystem. 3. Advantages and challenges of the international role of the euro  A greater international use of the euro both has advantages and poses possible challenges.