Brussels, 30/12/2003 (Agence Europe) - On 17 December, the European Central Bank (ECB) published its annual review of the international role of the euro, the third publication of its kind. A press release comments that the review reflects the ongoing efforts of the ECB to monitor and analyse the use of the euro by non-eurozone residents in global markets and countries outside the eurozone.
The review focuses on developments between mid-2002 and mid-2003 and confirms that the use of the euro by non-eurozone residents is continuing to increase, particularly in regions bordering the eurozone. It is driven, to some extent, by the eurozone itself, since eurozone investors are significant purchasers of euro international bonds.
The report notes that eurozone countries are increasingly using the euro when trading goods and services with non-eurozone residents, possibly suggesting that cash changeover has encouraged exporters and importers to review their settlement and invoicing practices.
The review includes a special focus on the City of London with regard to the use of the euro in financial markets outside the eurozone. (Website: http://www.ecb.int )