Perspectives for the international role of Euro: a comment

The introduction of the single currency in the Euro Zone is a historical change in the international financial architecture. The increasing significance of the new currency is the result of the 12 EU member’s decision to leave the national currency in favor of Euro. The entire GDP of these 12 countries almost equals that of USA and their contribution to world trade is 25% bigger than the USA proportion. On longer term, the newly member states together with Denmark, Sweden and United Kingdom, the 3 older EU members who already have rejected Euro currency, is preparing for fulfilling the Euro Zone convergence criteria and this process will increase the Euros’ international significance in future. The question that arises from this is what would happen if Euro is limited only to EU or if will be a currency more and more used on the international scene.