However, it will be interesting to see if, to what extent, and in what areas people in Switzerland will use the euro as a means of payment. Certain structural effects of the euro have already become evident for quite a while, for example on the primary bond market, where the Swiss franc is losing in weight while the euro capital market is enjoying growing popularity due mainly to its excellent liquidity. According to the survey conducted by the Bank for International Settlements (BIS) for the trading days of the month of April, the trading volume in international foreign exchange transactions dropped by nearly 20% within three years. Another contributing factor to this development was the advance of electronic trading and the discontinuation of trading between the euro's predecessor currencies. Roughly 6% of all global foreign exchange transactions include the Swiss franc. This share still amounted to 7% three years ago and to just over 8% nine years back. The fact that the Swiss franc has lost relative significance in foreign exchange trading is probably largely attributable to institutional conditions for trading in additional currencies having improved. By far most of the Swiss franc transactions were effected against the US dollar. This currency pair was traded approximately five times as frequently as the Swiss franc-euro pair. This volume ratio, however, is likely to be subject to strong fluctuations depending on specific exchange rate developments.
In short, we have been designated as an honorary member of this entity. My thanks to the Association but, above all, to those who have made this work possible over the years, and to those continuing it and adding to its prestige today. Lastly, allow me to stress another of the grounds for a publication such as that we are presenting today. It is a question of transparency, understood as the possibility of sharing information with society as a whole. As I pointed out in one of my early public appearances as governor of the Banco de España, I consider making high-quality statistical information 4/5  available to researchers as absolutely crucial for sound analyses and research enabling better-founded economic policy decision-making.1 In this respect, we intend in the coming years to pursue various projects that allow these researchers to have access to our statistical information, thereby enabling different avenues of analysis and research of benefit to society as a whole. In conclusion, I would like to reiterate my satisfaction at these initiatives and to thank the efforts and contributions, from both the public and private spheres, of those who have participated in this publication. In some ways, this substantiates the fact that these avenues for sharing information and making it available to society are enormously beneficial for all. Thank you. 1  See my “Welcome address” for the Second Annual Research Conference of Banco de España, 2018, at: https://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/IntervencionesPublicas/Gobernador/Arc/hdc030918en.pdf. 5/5