willem f duisenberg : the international role of the euro speech by dr willem f duisenberg, president of the european central bank, on the occasion of the 2000 spruce meadows round table, held in calgary, on 8 september 2000. * * * let me first thank the organisers of this conference for having invited me to share some thoughts with you on the international role of the euro. the euro was successfully launched 20 months ago as the single currency of 11 member states of the european union ( eu ) - known as the “ euro area ”. on 1 january 1999 these member states transferred their monetary sovereignty to a new supranational institution, the european central bank ( ecb ). since then, the eurosystem - composed of the ecb and the national central banks ( ncbs ) of the 11 countries that have adopted the euro - has been in charge of the euro area single monetary policy and related functions, such as foreign reserve management and operations and payment systems oversight. the euro has brought about fundamental changes to the economic and financial environment in the euro area and beyond. by lowering transaction costs and enhancing price transparency, the single currency represents a major contribution to fostering competition and efficiency in goods and financial markets across the euro area. as such, the introduction of the euro represents a quantum leap towards completing a fully integrated single market in the eu and lays a solid basis for the improvement in the living standards of european citizens. besides these welfare - enhancing effects on the “ domestic ” economy of the euro area, the new setting also has far - reaching consequences for the world economy and the international community. let me shed some light on the international ramifications of monetary union by highlighting three interrelated aspects. first, the use of the euro as an international currency in the global financial system ; second, the growing role played by the eurosystem in international policy cooperation ; and, third, relevant aspects of the exchange rate of the euro. before dealing with these points in turn, i should like to recall some key economic features of the euro area. key economic features of the euro area let me begin by putting the euro area into an international perspective. the euro area represents a large and relatively closed economy. given its population of almost 300 million people and its significant weight in the global economy, the euro area is broadly comparable with the united states. as regards its size and structure, the most striking fact is that the euro area economy has a share of world output of around

retakaful industry to expand in malaysia and optimise malaysia as a base for tapping global opportunities. in malaysia, the aspiration to achieve 4. 8 % to 5 % insurance and takaful penetration rate out of gdp has been outlined in the financial sector blueprint 2022 - 2026. latest developments in digital takaful, microtakaful, social and green finance, together with malaysia's changing demographic landscape towards ageing population present new growth areas in which retakaful can play greater role to spur further developments. indeed, takaful and retakaful markets are inter - dependent in terms of its growth and viability, similar to the symbiosis between insurance and reinsurance. as such, strong 1 / 3 bis - central bankers'speeches growth prospects for takaful means that retakaful also stands to reap its benefits if seized in a timely manner. however, while takaful is making strides in its development, there remains gaps in the retakaful market to serve as a tool of choice by takaful operators for managing their risks. this poses a question as to how retakaful ecosystem can be further strengthened to support takaful value chain. strengthening retakaful ecosystem to support takaful value - chain i believe with the comprehensive ecosystem and facilitative infrastructure in malaysia, which is reflective of a more mature islamic finance ecosystem, retakaful players in malaysia are well - positioned to serve both the global and domestic takaful value chain. the presence of major global retakaful players in malaysia, complemented by strong domestic retakaful players, further enrich malaysia's proposition as a global gateway for islamic finance as outlined in the financial sector blueprint 2022 - 2026. several dimensions which retakaful players can strive to grow in line with the mifc aspirations include greater diversification of risks with increased cross - border retakaful business within the region and beyond, as well as expansion of retakaful offerings in innovative segments which remain relatively untapped such as agriculture as well as climate and social resilience. however, i understand that doing so comes with its own set of challenges. this is where bnm commits to engage continuously with the industry players, to work together in addressing barriers and challenges that stunt developments or expansion of the industry. one such step that bnm has recently undertaken in the space of regulatory development includes providing clarity on shariah parameters on hajah ( need