France's Noyer on the euro, a stabilizing factor

In the speech 'The euro, a stabilizing factor at home and abroad' given on 21 March Christian Noyer of the Bank of France said that in contrast to the domestic role of a currency, which is strongly determined by institutions, the international role of a currency is market-driven.

"The fact that many countries outside the euro area have rapidly decided to link their exchange rate regimes to the euro illustrates the fact that they consider the euro to be an international factor of stability due to

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