The neutral stance is not incompatible with efforts to promote an efficient and fully integrated financial market for euro-denominated assets and liabilities, which may have the indirect effect of making the euro more attractive to international investors. As the euro’s international use is expected to gradually increase over time, this will have policy implications for the relationships of the euro area with outside countries.
1  BIS Review 81/2000  II. The international use of the euro  Let me first turn to the use of the euro as an official reserve.