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.
It marked the start of a period of profound change in Europe’s financial landscape. The successful launch of the euro, which is a key element in the creation of a stable, prosperous and peaceful Europe, has also boosted the integration of financial markets in the euro area. This process of integration in European financial markets coincided with the trend towards globalisation.