1  BIS Review 100/2000  Among the many changes in global financial markets, developments in the euro area have been particularly striking. Recent trends in euro area financial markets The launch of the euro on 1 January 1999 was a historic event. Eleven national currencies were converted into one single currency overnight.
Crisis legacies for economic growth  2. In advanced countries such as the US and the UK, GDP (imperfect an indicator as it may be, especially in the face of the increasing role of digitisation) has now overtaken its pre-crisis level: however, the growth rate remains lower than before 2008.