At the same time, this role is predominantly regional in nature, since the euro is mainly used by economic agents resident in euro area neighbouring countries with special political and economic ties to the European Union and the euro area.
More recently, it is known that Asian investors and foreign central banks accounted for a sizable share of the demand for bonds issued by the European Financial Stability Facility (EFSF). Looking ahead, the share of the euro in international markets has the potential to rise further once financial stability and market integration is restored in the euro area.