From the point of view of monetary policy, let me recall that the internationalisation of the euro is not a policy objective as such and that, therefore, it will be neither fostered nor hindered by the Eurosystem. Turning to securities in the form of shares, close to 900 companies were newly listed on stock exchanges in the euro area in the course of 1999.
To succeed in this  BIS Review 163/2009  5  approach, a country would need to have the capability and resources to ensure the viability of a local subsidiary of a failed major global institution, taking control of it if necessary. This would be at a time of tremendous damage to the relevant global brand.