Expectations of a long future for the euro seem warranted in light of the increasing confidence of European citizens and international investors in the single currency. The international interest in the euro is indeed evident, for example, from international new bond issues.
According to information from the Bank for International Settlements, the volume of new issues in euro almost doubled in gross terms in the first half of 1999, compared with the same period last year. An important challenge for both monetary policy and economic policies is to maintain noninflationary growth in the euro area.