International currencies carry a security premium The third and final factor that is likely to have held back the international role of the euro relates to the EU’s ability to speak with one voice on international affairs. I will venture very warily into what is certainly not central bankers’ territory.
We recognise that a lot still remains to be done, especially if we want to hasten progress in this direction – which is a perfectly legitimate objective in view of our past trajectory. We have continuously strengthened our regulatory and supervisory framework to reinforce the resilience of our  BIS central bankers’ speeches  3  banking sector.