The euro’s prospects as an international currency

The euro has become the most important currency in which international debt securities are denominated. If one adds up the bonds issued by "non-resident" companies, foreign governments, multilateral institutions, on external markets (that is, in markets outside the countries or the monetary zones where these issuers are headquartered), one observes that issues of this type in euros taken from 1999 to the end of 2006 add up to an amount practically equal to that of the comparable issues in dol