In this perspective, the increase in competition in markets, which I described earlier in the case of financial markets, would be reflected by an increase of competition between governments. If this catalytic role of the euro would become a reality – and to some extent it does already – this would also enhance the international stature of the euro.
In this scenario the euro would be likely to serve as a model for other regions. We are already beginning to see signs in other European countries of what might be termed “euroisation”, albeit not yet on the same scale as what is involved in the issue of “dollarisation” that was recently raised in Argentina.