The phrase "international role of the euro" covers a number of disparate possible functions of the currency. These functions include the use of euro-denominated assets as official reserves, the use of the euro as a vehicle currency in foreign-exchange transactions, the denomination in euros of financing instruments issued by borrowers not resident in the euro zone, the acceptance of euro-denominated or euro-linked assets in international investment portfolios, and the invoicing in euros of internationally traded goods and services. Of course, during the post-World War II period the U.S. dollar has been the dominant international currency with respect to each of these functions. It seems plausible that the euro, a low-inflation currency used by an economy comparable to that of the United States in size and sophistication, will, over time, increase its "market share" in each of these areas.