##top mechanism to provide this temporary liquidity funding. we therefore encourage all eu stakeholders to resume discussions on setting up a european - level public backstop to ensure liquidity is provided to banks facing resolution in a timely and effective manner. the incompleteness of the banking union is a significant impediment to creating a truly integrated banking sector in europe and optimising its competitiveness. achieving this goal means removing unnecessary barriers to cross - border banking and enabling crossborder groups to manage liquidity and capital at the group level. a fully integrated, cross - border european banking landscape would not only make banks more efficient 3 / 6 bis - central bankers'speeches but also more resilient to domestic shocks, by enabling them to diversify their risks and revenue streams. this would contribute to private risk sharing and enhance the overall economy's robustness and efficiency, benefiting european citizens. let me now turn to the second element of what is missing in europe's financial architecture : the capital markets union. the capital markets union and the banking union are complementary projects. progress on the capital markets union provides opportunities for banks and vice versa. and deepening the capital markets union is vital for the european economy to attract the necessary private investments to support innovation and the digital and green transitions, thus bolstering eu competitiveness. for banks, this means more cross - border activities, which would make them more competitive compared with their international counterparts. in a more integrated paneuropean capital market, banks could fully exploit economies of scale by offering similar products and services across multiple countries. targeted harmonisations across member states could facilitate such cross - border lending, enabling banks to better assess risks and opportunities from borrowers in other member states. completing the banking union would significantly accelerate the push towards a truly integrated european banking landscape. securitisation is another measure to advance the capital markets union where banks play a key role. given the constraints on banks'balance sheets, capital markets can complement bank lending and increase the financing available to the private sector while transferring risks to other intermediaries. securitisation is crucial as it provides a diversified funding base for banks, a tool to transfer credit risks and new assets for investors. this can also create space for additional lending to the economy. tackling emerging risks – non - bank financial institutions and rising geopolitical risks while non - banks may help in financing the significant needs of the twin green and digital transition, they also necessitate adequate regulation and

by the bank for international settlements ( bis ) in the spring of 1998, i. e. before the introduction of the euro. available information seems to indicate that, in line with a contraction of foreign exchange market turnover, trading volumes in euro against the us dollar are lower than former activity involving the euro ’ s legacy currencies. only very limited evidence is available on the use of the euro for international commodity pricing and trade invoicing. in the past, the euro ’ s legacy currencies were not as widely used in trade invoicing as the us dollar. in 1992, 28 % of world trade was invoiced in the main euro area currencies, compared with 48 % in us dollar, which was a much larger share than that of the united states ’ exports in international trade, which amounted to only 16 % last year. the us dollar is also predominant in use as a quotation currency and inertia effects will contribute to maintaining its status in the future. however, the size of the euro area financial market and the weight of the euro area in international trade flows, given that 20 % of all world exports originated in the euro area in 1998, may bring about over time a greater weight of the european currency in trade invoicing patterns. turning to the official sector, two pieces of information are worth mentioning. the first is related to the use of the euro as a reference currency in pegging arrangements or in the management of the exchange rate by non - euro area countries. apart from the exchange rate mechanism erm ii, in which denmark and greece currently participate, a substantial number of countries outside the eu have unilaterally adopted the euro, or one of its legacy currencies, as a reference currency in a formal or informal way. some countries, such as bosnia - herzegovina, bulgaria and estonia, have established currency boards. others maintain pegging arrangements to the euro – as in the case of cyprus, the republic of macedonia and as many as 16 african states, most of which belonging to the cfa zone – or to currency baskets in which the euro plays a predominant role, as in the case of hungary, iceland, poland and turkey. some countries, such as the czech republic, the slovak republic, slovenia and romania, have informally linked the exchange rates of their currencies to the euro. in addition to its role as a reference currency, the euro is held for reserve management purposes by monetary authorities outside the euro area. the