Of course, the fulfillment of these conditions entails a rather lengthy process and achievement of this goal, as well as the speed at which it takes place, is closely linked to both prevailing and expected conditions in the issuer country. Paramount among these is the strength of the economy’s fundamentals, and especially domestic macroeconomic and financial stability.
Further to this, the issuer country’s economic size and centrality in regional or global production and trade networks is an important driver of demand for its currency at the international level, while capital account openness and the consequent currency’s convertibility, as well as the depth of domestic financial markets, provide further assurance to global investors.