But there are a number of reasons for hoping for a stable euro that can play a leading role in the international monetary system:  •  In Europe international investors find sophisticated financial markets encompassing a broad range of products and maturities. Structural changes in the international financial markets over the last fifteen years have worked to the detriment of the dollar.
At the same time, authorities need to closely monitor the robustness of risk management at financial institutions so that these institutions do not take excessive risks in pursuit of profits; in other words, not endanger financial stability via an overheating channel.