Its existence provides market participants with greater confidence regarding the availability of RMB liquidity in Australia,  1  ABS data published in June 2012 show that the value of Australian merchandise trade settled in currencies other than the US dollar, Australian dollar, euro, New Zealand dollar, UK pound sterling and Japanese yen was around 1 per cent of total merchandise trade, indicating that the share of Australian merchandise trade invoiced in RMB in the June quarter 2012 was very small.
Let us not forget that all EU countries, except two with an opt-out, should one day adopt the euro. However, compared to the situation before the crisis, the setting in which euro area enlargement is taking place has changed profoundly. Lessons drawn from the crisis have substantially transformed the institutional set-up of EMU itself.