In countries where the use of the euro as a medium of exchange is highly significant, such as the Central and Eastern European Countries, 60% to 80% of exports and imports were settled in euro. B  The euro contributes to the stabilization of exchange rate regimes and financial systems  The euro is an instrument for the diversification of foreign exchange reserves •  According to the latest available data from the Bank for International Settlements (BIS), the euro is the second reserve currency after the US dollar (19.7% of the total amount in 2003 compared with 63.8% for the dollar) but the share of the euro has increased significantly (it stood at 12.6% in 1999). This is an important factor of protection for many countries with regard to strong exchange rate fluctuations because it allows public investors to diversify their reserves assets. Moreover, it constitutes a stabilizing factor for the international monetary and financial system as a whole. The euro is a factor of stability for exchange rate regimes •  In 52 countries or territories, the euro serves as the anchor of exchange rate policies or as the sole reference currency or as part of a currency basket. This mainly concerns the countries that have trade or institutional arrangements with the euro area (acceding countries, accession countries, the Balkans, North Africa and the Franc zone). These exchange rate regimes are the result of unilateral decisions that do not involve the Eurosystem.
It also assumes that export volume will grow a little over 1.5% this year, and the rate will double in 2018. Behind this increase is an improved external scenario, which I will discuss in a moment. In this context, the current account deficit will be smaller than projected in December, and 2017 will be better than 2016, due to slower growth in domestic demand and improved terms of trade (table 1). 4  As I said earlier, the greater growth expected in 2018 originates in the economy having no major imbalances, the end of some factors that have hindered growth in recent years— for example, the four-year plunge of mining investment—an expansionary monetary policy stance and a stronger impulse from abroad compared with previous years. As for fiscal policy, it is assumed that the consolidation announced by the Administration will proceed further. The recovery that reflects in the annual figures projected for 2018 should begin during the course of this year, considering the negative impact of the debilitated economic activity at the end of 2016 and early 2017. In fact, the average annual GDP growth of the last quarter of 2016 and the first of this year is somewhat above 0%. Already for the second quarter, in our baseline scenario, it will rise above 1.5% annually, which, on average, will be sustained and increased in the second half of the year.