For example, in terms of liquidity, the euro appears to have become in the perception of reserve managers the second most attractive currency in the world (CHART 2). But what are the other factors that finally create a major international currency or even a “currency of exorbitant privilege” such as the US dollar?
By using a shared data pool across all entities concerned, it should be possible to standardise and simplify some of the overly complicated transaction monitoring processes we have today.