The onset of monetary union has also provided momentum for further economic and financial integration in the euro area, thus deepening the single market. With regard to the Irish economy, the euro has, to date, reduced risk premia and brought lower interest rates.
But the advent of the euro did not only involve the development of its international use. It also affected global policy cooperation, including cooperation on exchange rate issues. In this regard, it should be reiterated that the ECB and the Eurogroup share the responsibility for exchange rate consultation with third parties - for example at G7 level - and for communication policy.