To address this question it is useful to recall the key determining factors that are likely to influence the demand for the euro by non-euro area market participants and authorities over time, also taking into account the potential effects of the ongoing and growing economic and financial integration of the global economy.
These key determinants include, first, the size, growth and degree of openness of the euro area economy relative to the rest of the world; second, the size, depth and degree of development of the euro area financial markets, again relative to the markets of countries with international currencies; and, lastly and fundamentally, the attractiveness of the single European currency to non-euro area residents, as determined by its expected internal and external stability over the medium and long term.