At the same time, a stronger global role for the euro may have tangible consequences for the conduct of monetary policy, all of which we would need to understand and take into account when designing the common monetary policy for the euro area.
But provided the right economic policies are adopted, a stronger global role of the euro could help facilitate the transmission of monetary policy across euro area financial markets and reduce perilous fragmentation. Thank you. [1]I would like to thank J. Gräb, A. Mehl and J. Yiangou for their contributions to this speech. I  remain solely responsible for all opinions contained herein.