The euro is relying now on a more than 20-year old solid track record of stability: it is backed by a soft power based on the respect of international rules, multilateralism and openness. The euro is also at the centre of broad international trade links. It is at least a credible complement to the dollar as a safe asset. II. Promoting the international role of the euro as a pillar of monetary cooperation From the inception of the euro and during the last two decades, the Eurosystem adopted a neutral stance with regard to the development of the international role of the euro. It does not belong to the Treaty’s objectives: the euro was created for internal purposes, to avoid exchange fluctuations within Europe and accelerate economic convergence between Member States, not primarily to act as an international currency. Economic developments since 1999 have alleviated concerns voiced at that time about a potential loss of monetary policy control in case of a swift internationalization of the euro. A stronger international role of the euro would now be associated with more monetary policy autonomy and reduced impacts of exchange rate shocks on inflation. After a decade in existence, by the time of the GFC, the euro had become the second most used currency globally. But since then its growth has stalled. Today it still accounts  Page 5 sur 7 for roughly 20% of global currency holdings in central banks as well as just short of 20% of global debt and global loans.
The Committee adjusted monetary policy boldly and decisively on the way down in order to meet the inflation target. And, let me assure you that, when the time comes, we will be prepared to respond with equal vigour on the way back up. 6  BIS Review 46/2009