The introduction of the single currency has been an historical landmark. In twelve countries, the euro has replaced the national currency and rapidly become part of everyday life. For the business community, intra-euro area exchange rate volatility and the uncertainty it caused for trade and investment have been eliminated.
In the financial area, the role of the euro in global markets and the growth in the use of the new currency outside the euro area have also been impressive. The euro has very quickly become an important part of the global financial system and the evidence of the past seven years is that its role can continue to grow.