The size and openness of the economic area as well as the dynamism and efficiency of the financial markets are definitely important factors in determining a currency’s international success. Ultimately, however, the euro will hold its own in competition with other currencies only if it can be kept stable over the long term.
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.