Apart from its monetary policy implications, the international use of the euro may also provide a yardstick with which to assess the appropriateness and credibility of public policies conducted in the euro area. Of course, the euro can in part rely on the track record of its 11 legacy currencies.
At the same time, the euro is a new currency used in the second largest economic area of the world. This size factor, particularly as far as the euro area capital markets are concerned, may influence cross-border uses of the euro, both by residents and non-residents.