The relevant institutional requirements have been met: the ECB is an independent central bank which is primarily committed to the objective of price stability. The euro’s greatest success to date has been as an issue currency on the international financial markets.
Between January 1999, the start of EMU, and March 2000, 47% of the net issuance in international debt securities was denominated in euro, compared with a dollar ratio of 45%. It seems  BIS Review 54/2000  2  that the large issuers took advantage of the low euro interest rates in order to raise large amounts of funds in euro.