It is obvious that the euro has a vast potential both as an international portfolio currency and as a major reserve currency. It is the task of economic policymakers in Europe to ensure that the economic benefits arising from the international role of the euro can be realised in full.
The benefits that accrue from the status of an international reserve currency have been demonstrated for decades by the United States. The US has not only received a steady stream of revenues from seignorage. They have also greatly benefited from the ability to finance large current account deficits over an extended period.