These include a shipbuilding industry that is paid in dollars over three years and needs to hedge its won costs by selling forward dollar contracts to banks.

Some analysts, however, see Germany outperforming other European markets going forward because of the euro, which tumbled versus the dollar during the second quarter.

In his strongest comments yet in the debate over the dollar's reserve-currency status, Mr. Zoellick said that, 'looking forward, there will increasingly be other options to the dollar.'