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The role of any currency in international finance reflects the confidence that is a reliable liquid instrument for financial transactions and a store of value. This confidence must depend on the depth, liquidity and efficiency of currency's home or domestic markets and on investment opportunities in those markets. Since Euro is being a new currency, it is still in process of earning confidence. It is also obvious that it has a long way to go before it reaches its full potential, both domestically and internationally. The euro's role as an international currency for finance will grow as Europe develops a full array of deep, liquid, and efficient financial markets, extending its integrated money markets. When Europe started to construct the Economic and Monetary Union (EMU) some important and profound changes started to take place in the banking industry and financial markets. In Europe, these changes have been significantly powerful...

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