Then, I will turn to the Eurosystem’s policy stance towards the international role of the euro. I will conclude by shortly highlighting the Eurosystem’s stance on reserve management services.
The gradual development of the international role of the euro In order to consider the main developments in the international use of the euro for the last 5 years, I will distinguish the varied use of the euro outside the euro area, by public authorities on the one hand and private agents on the other. Let me start with public authorities.