The euro quickly became a major international currency: the euro bond market soon came to rival the dollar bond market; euro bank notes began circulating around the world.

Whatever the official exchange rate at a changeover, the new currency would quickly find a market level against the euro and other currencies.

As Banks became more and more averse to lending, the supply of dollars available to the currency market shrank, and the dollar gained against other currencies such as the 15-nation euro.