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"The international role of the euro" Description: This is the 11 th annual review of "The international role of the euro" published by the ECB. It presents the main findings of the continued monitoring and analysis conducted by the ECB and the Eurosystem looking at the development, determinants and implications of the use of the euro by non-euro area residents. This review also examines in greater depth issues that have a bearing on the euro’s international role, the global currency order and the international monetary system. This analysis is presented in the form of four special features. Contents: 1.
Financial stability can be defined as a condition in which the financial system – comprising of financial intermediaries, markets and market infrastructures – is capable of withstanding shocks, thereby reducing the likelihood of disruptions in the financial intermediation process which are severe enough to significantly impair the allocation of savings to profitable investment opportunities. The three parts of the financial system: financial intermediaries , such as banks, insurance companies and other institutional investors that direct funds from those willing to invest/lend to those who want to borrow. financial markets , where lenders and borrowers meet. Examples are money markets and stock exchanges. financial market infrastructures through which money and financial assets flow between buyers and sellers.