When the euro was launched on 1 January 1999, the European Central Bank (ECB) assumed responsibility for monetary policy in the euro area - the second largest economic area in the world after the United States. The Eurosystem subsequently became the issuer of the second most widely used international currency, after the US dollar and ahead of the Japanese yen.
This outcome was mainly a reflection of the legacy of the 12 former national currencies which the euro replaced. Since the euro came into being, its international role has grown in a gradual but steady way. In that vein, I will first review the main developments in more detail, by characterising the key features of the use of the euro by non-euro area residents.