It is also the largest trading partner in the world economy, accounting for 19% of world exports. Let me explain how the European Economic and Monetary Union has modified global finance.
I would like first to comment on the building-up of a new integrated financial market within the euro area, and then turn to some evidence on the role of the euro outside the euro area. I will finally explain why the two aspects (the domestic and the international role of the euro) are intertwined.