The Implications of the Introduction of the Euro for Non-EU Countries

The introduction of the euro will be a major event for international monetary relations and the international monetary system. It will have important implications not only for the Union and its Member States but also for other countries in the world. The size of the euro area, the stability orientation of its policy framework and the integration of its financial markets imply that the euro will likely become a major world currency. This will fundamentally change the nature and functioning of the international monetary system.