The European Central Bank (ECB) is today publishing its report on “The international role of the euro”, which examines developments in the use of the euro by non-euro area residents in 2012. The report finds that in 2012 the financial crisis continued to weigh on the international use of the euro, which declined moderately in some market segments. The persistent fragmentation of the euro area financial system is one of the main underlying causes of these developments, as it affects the depth and liquidity of euro area capital markets. Nevertheless, survey indicators point to some strengthening with regard to the ... (full story)