B. Updating of the terminology used in the Treaties with respect to the single currency 3 .

Legislative measures will also be needed to enable the European currency to be used from the start of Stage Three .

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Traditionally, the IMF has insisted on two criteria a currency s issuing country must be among the world s leading exporters, and the currency must be freely usable widely used and traded.

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Management of financial crises In the field of crisis management , the ECB contributed to the work of the international community , inter alia via the EFC . These contributions were based to a large extent on the continuous monitoring and assessment both of international financing and adjustment packages and of private sector involvement in systemically important emerging market economies , such as Argentina and Turkey .

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Whether or not a currency is used outside the euro area by non residents for financing , investment or invoicing purposes is a matter of economic agents preferences .

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15 The role of the euro in the City of London is analysed in ECB ( 2003 ) , Review of the International Role of the Euro , December . 16 See ECB ( 2003 ) , Policy Position on Exchange Rate Issues Relating to the Acceding Countries , December .

Therefore , the fact that in six years the euro has become the second most widely used currency in the world can be seen as an additional factor of the success of the process of Economic and Monetary Union .