The introduction of the single currency three years ago was another exceptional success that opened the way to fundamental changes in the conditions in which governments, financial institutions and the private sector operate in financial markets of the euro area and in the rest of the world.
Within the euro area, the elimination of exchange rate risks and the lower transaction costs which followed, together with the far more transparent markets the euro brought with it, have created new opportunities for businesses and forced firms to attain higher levels of efficiency and competitiveness.