(1993), “Toward a Theory of International Currency,” The Review of Economic Studies, Vol. 60, No 2, pp. 283–307). [16]The United States accounts for about 11% of global trade, compared with 14% for the euro  area. [17] 15 / 18  BIS central bankers' speeches  [17]See, for example, Bergsten, F. (1997), “The Dollar and the Euro,” Foreign Affairs, Vol. 76, pp. 83–95.
This is why it is so important to foster an ongoing environment of low and stable inflation. Over the course of the past 18 months, the Monetary Policy Committee (MPC) has increased the Official Cash Rate (OCR) from 0.25% to 5.25%.