9 / 18  BIS central bankers' speeches  European initiatives to foster cooperation on security and defence, to speak with one voice on international affairs, and, in short, to further assert global leadership, might also help promote the euro’s global outreach.
The monetary policy consequences of a greater international role for the euro Now, one important aspect that is often overlooked in the debate about strengthening the international role of the euro is what it would mean for the ECB’s monetary policy. This is what I would now like to discuss.