Let me now turn to the global dimension of EMU. Financial institutions, in particular from the United States, Canada and Great Britain, are increasingly benefiting from the greater size and liquidity of an integrated euro bond market. In addition to this financial market perspective, the euro contributes to global monetary and financial stability.
The euro area is a constructive element in the post-Bretton Woods international setting and is actively committed to multilateral cooperation. Let me draw your attention to the IMF’s review of the Medium Term Strategy, currently under way, where strengthening the IMF surveillance framework figures prominently on the agenda.