The elimination of the currency fragmentation in the European bond markets will also lead to the development of uniform market standards and the creation of a large and liquid market for portfolio investors. 2. How will the euro’s international role influence the ECB’s monetary policy? Having an international currency has significant advantages for businesses and consumers.
It may, however, sometimes complicate the conduct of monetary policy. In the ESCB’s monetary policy strategy, developments in monetary aggregates play a prominent role, and these developments will be analysed very carefully.